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The Upper Ordovician Wufeng‐Lower Silurian Longmaxi shale is widely distributed in the Sichuan Basin and its periphery, which is the key stratum for marine shale gas exploration and development (E&D) in China. Based on sedimentary environment, material basis, storage space, fracability and reservoir evolution data, the reservoir characteristics of the Wufeng‐Longmaxi shale and their significance for shale gas EE&D are systematically compared and analyzed in this paper. The results show that (1) the depocenter of the Wufeng (WF)‐Longmaxi (LM) shale gradually migrates from east to west. The high‐quality shale reservoirs in the eastern Sichuan Basin are mainly siliceous shales, which are primarily distributed in the graptolite shale interval of WF2‐LM5. The high‐quality reservoirs in the southern Sichuan Basin are mainly calcareous‐siliceous and organic‐rich argillaceous shales, which are distributed in the graptolite shale interval of WF2‐LM7. (2) Deep shale gas (the burial depth >3500 m) in the Sichuan Basin has high‐ultrahigh pressure and superior physical properties. The organic‐rich siliceous, calcareous‐siliceous and organic‐rich argillaceous shales have suitable reservoir properties. The marginal area of the Sichuan Basin has a higher degree of pressure relief, which leads to the argillaceous and silty shales evolving into direct cap rocks with poor reservoir/good sealing capacity. (3) Combining shale gas exploration practices and impacts of lithofacies, depth, pressure coefficient and brittle‐ductile transition on the reservoir properties, it is concluded that the favorable depth interval of the Wufeng‐Longmaxi shale gas is 2200∼4000 m under current technical conditions. (4) Aiming at the differential reservoir properties of the Wufeng‐Longmaxi shale in the Sichuan Basin and its periphery, several suggestions for future research directions and EE&D of shale gas are formulated.

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