The Xujiaweizi fault depression is located in the northern part of the Songliao Basin, China. The Yingcheng Formation of the Xujiaweizi fault depression is a fractured tight volcanic reservoir. Many primary pores exist in the tight volcanic reservoirs of the Yingcheng Formation, but their connectivity is very poor. The degree of development of tectonic fractures determines the reservoir quality and the probability of hydrocarbon accumulation. To elucidate the fracture characteristics and their effects on hydrocarbon migration and accumulation, we analyze the fracture genetic types, characteristics, and controlling factors using data from cores, image logs, and thin sections. Then, we evaluate the matching relationship between tectonic fractures and hydrocarbon migration and accumulation by combining the evolution of the source rocks, analysis of the gas-source fault activity period and evolution of the cap rock sealing ability. We find two types of fractures developed in tight volcanic rocks: primary fractures and secondary fractures. Primary fractures mainly include cooling contraction fractures and cryptoexplosive fractures. Secondary fractures could be further divided into tectonic fractures, dissolution fractures, and weathering fractures. Among them, tectonic fractures are dominant. The distribution of tectonic fractures is controlled by lithology, lithofacies, faults, rock anisotropy, and an unconformity. Tectonic fractures are mainly formed in three phases. The time when the second phase of tectonic fractures formed (the Late Quantou-Qingshankou period) coincided with the peak hydrocarbon generation of the source rocks of the Shahezi Formation. Also at that time, the gas-source faults were active and the cap rock had a good top-seal capacity. Thus, the Late Quantou-Qingshankou period was the main period of natural gas accumulation.