Criteria for defining petroleum source rocks (PSR) in the Arctic region are analyzed. Lithological composition of rocks, quantitative parameters of organic matter in them, biomarker composition of hydro-carbons, and carbon isotope compositions of bitumens and oils are given. Based on the synthesis of these materials, the formation conditions of organic matter, its nature, hydrocarbon-generating potential, and contribution of different sources to oil accumulations are interpreted. The PSR distribution in sedimentary basins of three best studied sectors with the high petroleum resource potential (Norwegian, West Russian, and North American) is considered. These regions are characterized by regionally discontinuous patterns of source rock distribution. The high-quality source rock sequence of Upper Devonian-Lower Carboniferous domanikites exhibits wide distribution, while Upper Triassic, Lower Jurassic, and Neocomian PSRs of North Alaska and Upper Jurassic bazhenovites of the West Russian Arctic sector are less developed. Inconsistency between the positions of PSRs in the stratigraphic section is determined by local, frequently asynchronous tectonic phases. Regularities revealed in the PSR distribution within the sedimentary cover of the Arctic region are used for their prediction through the East Russian sector.