Marine black shales are important to geologists, because they are not only potential sources and reservoir rocks for shale gas/oil, but also, their deposition could influence the climatic and oceanic environments. Here, a detailed study of the shales in the Dalong Formation in South China was conducted to understand the changes in continental weathering and upwelling and their influences on organic matter accumulation in the late Permian. The results revealed that the deposition of the Dalong and Daye Formations could be divided into five stages, with the highest TOC values (>2%) being observed in stages 2 and 4, intermediate TOCs (~1% to 2%) being observed in stages 1 and 3, and the lowest TOC values (<1%) being observed in stage 5. This study attributed the enhanced organic matter accumulation in stages 2 and 4 to enhanced continental weathering (high CIA values and δ²⁶Mg values) and intense upwelling (high Mo/TOC ratios and low δ¹³C_org and Co_EF × Mn_EF values), both of which contributed to high primary productivity and increased anoxia of the bottom waters, further leading to the accumulation of organic matter. Overall, both enhanced continental weathering and upwelling contributed to the development of anoxia, even euxinia, of the seawater and further triggered an end-Permian mass extinction (EPME).