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Based on comprehensive interpretation of three-dimensional seismic data and quantitative analysis of basin-boundary fault activity in the Nanpu Sag, this study employs subsidence history backstripping and equilibrium profile techniques to reconstruct the structural evolution of the main profile. The results indicate that the Cenozoic evolution of the Nanpu Sag can be divided into a syn-rift stage and a post-rift stage, with the syn-rift stage further subdivided into Rift I and Rift II episodes. During Rift I, tectonic activity was primarily controlled by the NE- and NEE-trending Xinanzhuang Fault, Shabei Fault, and No. 2 Fault Zone, which formed under a NW–SE extensional stress regime and governed the development of NE- or NEE-trending faults and associated sedimentary subsidence centers. In Rift II, tectonic activity was dominated by a southward-curved normal fault system, composed of the Xinanzhuang, Gaoliu, and Baigezhuang faults, as well as the Shabei Fault, reflecting the influence of a near N–S ex-tensional stress field. The progressive southward migration of the Sag’s subsidence center over time—from the Linque sub-sag in the third section of the Shahe Formation to the Caofeidian sub-sag in the Dongying Formation—and noting, coupled with the pronounced left-lateral strike-slip characteristics of the Baigezhuang Fault and No. 4 Fault, and regional tectonic evolution analysis of the Bohai Bay Basin, support the proposal that a strike-slip extension mechanism—characterized by lateral strike-slip and forward extension—constitutes the fundamental developmental model of the Nanpu Sag. This study deepens the understanding of the tectonic evolution of the Nanpu Sag and provides new insights in-to the dynamic mechanisms governing the formation of similar Sags in the Bohai Bay Basin.