To better understand the pore structure and fractal character of lacustrine shales and their influence on liquid hydrocarbon occurrences, in this study, a total of 29 lacustrine oil-bearing shale samples collected from the Shahejie Formation in the Dongying Sag, Bohai Bay Basin, were investigated based on nitrogen adsorption (NGA) analysis combined with TOC, Rock-Eval pyrolysis, X-ray diffraction (XRD), and field emission-scanning electron microscopy (FE-SEM) experiments. The relationships among the compositions (TOC, minerals, and oil content), pore structures, and fractal dimensions of the lacustrine shale samples were discussed. The results showed that the adsorption and fractal characteristics of lacustrine oil-bearing shales differ at relative pressures of 0-0.1 and 0.5-1. Two corresponding fractal dimensions
D
1
and
D
2
were determined by the FHH model according to the nitrogen adsorption branches. Specifically,
D
1
varies from 2.4292 to 2.6109 (mean 2.5245), and
D
2
varies between 2.4680 and 2.8535 (mean 2.6889). The specific surface area (SSA) ranges from 1.512 m2/g to 34.002 m2/g, with an average of 13.656 m2/g, the total pore volume is between 6.0 × 10-3 cm3/g and 48.4 × 10-3 cm3/g (mean 24.5 × 10-3 cm3/g), and the average pore diameter is in the range of 4.22 nm to 19.57 nm (mean 9.35 nm). Both
D
1
and
D
2
increase with increasing SSA and increase with decreasing average pore diameters but have no correlation with pore volume. Moreover,
D
1
and
D
2
exhibit positive relationships with clay minerals and negative correlations with carbonate minerals (calcite and dolomite). The relationship between fractal dimensions (
D
1
and
D
2
) and TOC contents is expressed as a U-shaped curve, characterized by the minimum
D
values at approximately 3% TOC. The shale oil content is controlled by the pore structures and fractal dimensions, and lacustrine shales with lower SSAs and smaller fractal dimensions would have more free oil. Therefore, lacustrine shales in the oil window with TOC contents ranging from 2% to 4% are probably the preferred shale oil exploration target in the Shahejie Formation, Dongying Sag, Bohai Bay Basin. The results indicate that fractal analysis can provide insight into the pore structure characteristics and oil storage capacity of lacustrine shales.