Fish-bearing carbonate concretions are found in the organic-rich shale at the top of Helongshan Formation, Lower Triassic in Chaohu area, Anhui Province. In order to study the formation mechanism and environmental significance of the carbonate concretions, petrography, major and trace elements, carbon and oxygen isotopes and environmental minerals were analyzed for the concretions and surrounding rocks. The 3D-preserved fish fossils and high carbonate content (80%) in the center of concretions indicate that concretions were formed in the early diagenetic stage. Concretions have a concentric zoning structure inside. From the center to the edge, the content of carbonate decreases, the content of siliceous clastic increases and laminae gradually appears, the content of Fe and S elements increases, δ¹³C values increase, δ¹⁸O values decrease, and TOC contents gradually increases, all indicating a concentric growth of concretions. The analysis of the size of framboidal pyrites in the host rock indicates a euxinic environment where concretions were formed. The level of concretions appears 1 m below the Smithian-Spathian boundary (SSB), consistent with the increased burial of organic carbon, rapid positive excursion of δ¹³C (-1.3‰ to 1.9‰) and seawater euxinic event. The concretions have the potential to be regarded as an auxiliary identification marker of SSB in South China.