The Hala'alat Mountain area, situated on the northwestern margin of the Junggar Basin, has traditionally been interpreted as a peripheral uplift with limited hydrocarbon prospectivity. However, recent drilling results have revealed promising shale oil shows in the Permian Fengcheng Formation, suggesting a certain degree of exploration potential in this area. To date, systematic studies on its hydrocarbon generation potential, depositional paleoenvironmental characteristics, and the mechanisms controlling organic matter enrichment remain relatively limited. This study focuses on the Fengcheng Formation black shales in Well HQ-6 from the Hala'alat Mountain area and conducts an integrated chemostratigraphic study to evaluate their source rock potential, reconstruct the depositional paleoenvironment, and elucidate the key controlling factors governing organic matter enrichment. The TOC content of the studied Fengcheng Formation black shales ranges from 0.24 to 2.73% (mean: 1.31%), indicating moderate organic matter abundance overall. The organic matter is mainly Type II1-II2 kerogen and has reached thermal maturity within the main oil-generating window, suggesting that the studied interval has considerable hydrocarbon generation potential and can be regarded as a fair- to good-quality source rock. During deposition of the Fengcheng Formation, the water column was predominantly anoxic, whereas the paleoclimate exhibited pronounced cyclic variations between arid and semiarid conditions. Paleosalinity varied in concert with climatic changes, ranging from saline to brackish conditions. Organic matter enrichment in these shales was jointly controlled by multiple factors: persistent anoxic conditions provided the primary preservation background, relatively high paleoproductivity supplied sufficient organic flux, and terrigenous aluminosilicate input may have provided an additional preservation benefit through adsorption-related effects inferred from elemental variation. In general, depositional environments characterized by lower salinity and more humid climatic conditions were particularly conducive to organic matter enrichment. Importantly, these results show broad similarity to those in the main part of the Mahu Sag, implying that the Hala'alat Mountain area and the Mahu Sag likely shared comparable depositional environmental characteristics during deposition of the Fengcheng Formation.