In recent years, more and more originally regarded as black oil and gas-bearing shales have been found, whose formation has close relationship with subaqueous volcanic activities, with much more fundamental research work on tight oil in China. However, our study of sedimentations of subaqueous eruption has not been well studied since their sediments are very tiny, not easy to be sampled, and extremely difficult to differentiate from mud-size clastic sediments. This paper reviewed the advances of the processes of fragmentation, transportation, and deposition of sediments originated by subaqueous eruption, on the basis of publications and research experience on some special intervals in interlaminated shales and dolostones in Permian Lucaogou Formation in Santanghu Basin. Three main features and their implications were documented. ① Minerals in those intervals were angular with a low component maturity, and some of them were shard-like, suggesting volcanic-eruptive origin. ② Intervals were laminated and thin bedded. The former had a sharp erosional base, and was internal normal graded, and showed crude orientation of elongate grains parallel to bedding plane, suggesting deposition of lateral tractive current; the latter showed messy accumulation without internal structure, suggesting deposition of dense granular flow. ③ Intervals were localized and repetitive in stratigraphy, indicating origin from episodic-pulsating volcanic activities. We preliminarily interpreted those intervals as sedimentations of subaqueous volcanic-hydrothermal activities (phreatomagmatic/hydrovolcanic deposition). Then, the relationship of intraclasts, extraclasts, and deep-derived clasts, the difference of sedimentary rocks formed by subaqueous between subaerial eruptions, and the terminology of these eruptive rocks were discussed. Finally, macro to micro scale observation, micro-texture of minerals, attaching importance on hydrothermal exhalative sedimentations, and multidisciplinary studies were suggested for future research on those rocks.