Dinosaur remains are among the fossils that have been recovered from the formation, although as of 2004[update] none have yet been referred to a specific genus.

[1] It is best known for the Shar Teeg locality which has lent its name to Shartegosuchidae, a family of mesoeucrocodylians (relatives of crocodilians), many of which have been found there; Shartegosuchus (the family's type genus) means "Shar Teeg crocodile".

[3] The tritylodontids Shartegodon, Nuurtherium and Bienotheroides are known from the formation.,[4] As is docodontan Tegotherium.

The turtles Annemys levensis and Annemys latiens and crocodylians Sunosuchus shartegensis and Adzhosuchus fuscus were also recovered from the formation.

Dollman et al. (2018) argue that the age of the Ulan Malgait Formation is likely to be Oxfordian based on the shared presence of Shartegosuchus and Nominosuchus with the radiometrically-dated Shishigou Formation of China.