Because of the special geographical location adjacent to the Tibetan Plateau, the geological setting of the Sichuan Basin is very complex, which brings a great challenge to shale gas development. In this study, we conducted an integrated microseismic and geomechanical analysis on a refracturing well in the Sichuan Basin. We observed that casing deformation occurred in the area of fault reactivation. However, the reactivation of pre-existing faults does not always cause casing deformation. In addition, a cluster of high-magnitude microseismic events will be triggered during the fault reactivation, which is also helpful to recognize the reactivated faults. Furthermore, according to the definition of b-value in the Gutenberg–Richter law, a group of high-magnitude microseismic events usually shows a low b-value and vice versa. Based on the analysis of treatment data and microseismicity, we found that there is a positive relationship between b-value and instantaneous shut-in pressure (ISIP): lower b-value represents lower ISIP. The investigation of the stress shadow effect based on the theoretical solution of a plane strain fracture is also convincing to prove the relationship between b-value and ISIP. Therefore, a significant relationship between hydraulic fracturing, microseismicity, and fault reactivation is established. Importantly, some useful implications of this relationship could be utilized for early warning of fault reactivation (probably casing deformation) and optimization of refracturing design for unconventional shale plays.