Based on comprehensive analysis of geological, geochemical, and paleotectonic settings, the conditions for the formation of Neoproterozoic oil and gas source rocks of the Earth are analyzed. A brief review of oil and gas fields in Eastern Siberia, China, the Middle East, Africa, and Australia is given, with Riphean and Vendian terrigenous and carbonate source rock. An overview of the oil and gas bearing basins of the world and a stratigraphic reference of the Neoproterozoic strata discovered within them, containing proven and suspected oil and gas source rocks, are given. The formation of Neoproterozoic oil and gas source rocks is analyzed in a complex way: simultaneously from the point of view of paleotectonics, paleogeographic and paleoclimatic conditions, paleobiological diversity and geochemical conditions. As part of paleotectonic analysis, the results of plate tectonic reconstructions for the Neoproterozoic stage are presented in accordance with one of the most currently relevant geodynamic models. Paleogeographic events and paleoclimatic conditions are described in the context of the specifics of the formation settings of carbonate-terrigenous oil and gas source rocks. In particular, the reasons for the accumulation of sediments enriched with organic carbon in the interglacial epochs of the Neoproterozoic and possible mechanisms for maintaining conditions favorable for their accumulation are considered. The conditions for the accumulation of oil and gas source rocks are also linked to global paleobiological pre-Phanerozoic events, and the analysis of the geochemical data of rocks makes it possible to characterize and correlate Neoproterozoic oil and gas source rocks on a global scale. On the basis of such a comprehensive assessment, a conclusion was made about fundamentally similar geological conditions for the formation of Neoproterozoic oil and gas source rocks in oil and gas bearing basins.