The Tazhong No. 2 fault zone is a major fault zone in the Tazhong area, and studying its structural characteristics is of great significance for hydrocarbon exploration. Based on detailed structural interpretation of 2D and 3D seismic data, this study suggests that the Tazhong No. 2 fault zone exhibits distinct segmented deformation characteristics and can be divided into four segments along strike, with the individual structural segments bounded by NE-trending strike-slip faults. The eastern and western parts of the Tazhong No. 2 fault zone differ in their evolutionary characteristics: during the early stage, deformation was intense in the east and relatively weak in the west, whereas during the late stage, the central segment was more active while the eastern and western segments were essentially inactive. Vertically, the fault zone displays stratified deformation: taking the Middle–Lower Cambrian evaporites as the boundary, the suprasalt strata are more strongly deformed than the subsalt strata. The segmented and layered deformation characteristics of the Tazhong No. 2 fault zone are mainly controlled by factors such as the basement structure, the Middle–Lower Cambrian evaporites, and regional tectonic events. Based on the segment-specific accumulation–evolution model, the shallow fault–lithologic traps and volcanic-rock-related traps in the west, the subsalt structural traps, and the buried-hill interior and drape traps are all favorable exploration targets.