The process and mechanisms of secondary hydrocarbon migration in the Huixi half-graben, Pearl River Mouth Basin, were investigated on the basis of geological analysis of the strata and study of the porosity and permeability of the reservoir rocks, fluid potential, oil properties, and geochemistry of oil–source correlation. The results suggest that the hydrocarbons of the Zhujiang Formation in the Huixi half-graben were derived from source rocks of the Eocene Wenchang Formation and the Eocene–Oligocene Enping Formation in the Huizhou Sag. The hydrocarbons migrated laterally from northeast to southwest. The sandstone in the upper member of the Zhujiang Formation exhibited superior physical properties (porosity and permeability) and connectivity than the lower member. Thin sandstone beds with good physical properties and stable distribution in the upper member of the Zhujiang Formation were the main carrier beds for lateral hydrocarbon migration.