Abstract: Based on the theory and experiments,the authors proposed the view of multi-stages of coal-formed hydrocarbonization,and considered that the coal-formed hydrocarbonization results from the equilibrium of the external energy of coalification and the internal energy of organic matter.The process of coal-formed hydrocarbonization of Longtan Measure in South China is of characteristics of multi-stages and shows three or four periods of hydrocarbonization.