Abstract: The Jan Mayen microcontinent is located to the south of Jan Mayen Island in the Norwegian-Greenland Sea of the Arctic region. To study the structural features and hydrocarbon prospects of the Jan Mayen microcontinent, we collected and collated existing gravity and magnetic data, calculated the reduction to the pole of magnetic anomalies based on the variable latitude polarization technique, and obtained edge recognition information of the potential field using edge recognition technology. Based on the results of previous geological and geophysical studies, we analyzed the features of the gravitational and magnetic anomalies and the edge recognition information of the potential field, determined the fault system, and delineated favorable areas for oil and gas exploration in the central-south Jan Mayen microcontinent. The results showed that gravity highs and gravity lows with alternative distributions reflect the distribution range and through-going features of the sags and uplifts in the central-south Jan Mayen microcontinent. Four groups of faults NE-, NW-, near EW-, and near SN-trending were primarily developed in the middle and south of the study area. These faults play an important role in controlling the structure and properties of the basement, the uplift and depression framework, and the distribution of Cenozoic strata. The favorable areas of types Ⅰ and Ⅱ for oil and gas exploration were delineated in the central-south Jan Mayen microcontinent. The most notable feature of these favorable areas is their location in the local anomaly of free-air gravity and the abnormal high-value zones of the vertical second derivative, with their development being controlled by the faults. In the favorable areas of type Ⅰ for oil and gas exploration, the amplitude of gravity anomalies is higher, and their gradient is steeper. In comparison, the amplitude of gravity anomalies in type Ⅱ areas is relatively small, and their gradient is relatively gentle.