Gas-bearing property evaluation and main controlling factor analysis have remained a concern in shale gas research. The application of principal component analysis, an important mathematical statistical method, in gas-bearing property evaluation and main controlling factor analysis of the Longmaxi shale in the Weirong area, Sichuan Basin, was examined. The Longmaxi shale exhibits high heterogeneity, manifested in the organic matter abundance, mineral composition, and pore structure. Seven geological factors, including the temperature, pressure, TOC content, clay content, brittle mineral content, pore volume, and specific surface area (SSA), were selected in principal component analysis. Four principal components with geological significance, such as mineral composition, formation condition, pore structure, and organic matter abundance, were extracted through principal component analysis, and further constituted a comprehensive factor. Shale gas-bearing properties were evaluated according to the score of the comprehensive factor. The Longmaxi shale could be identified as exhibiting good, medium, and poor gas-bearing properties based on the comprehensive factor scores of these samples. According to each geological factor’s contribution to the comprehensive factor, combined with geological analysis, it could be considered that gas-bearing properties are primarily controlled by pore volume, SSA, and clay content, followed by TOC content, brittle mineral content, temperature and pressure.