Nearly 100 million tons of reserves have been explored in the Well 471 area of the Hongche Fault zone. The Carboniferous volcanic rock reservoir is the main oil-bearing reservoir in the well CH471 area and is the main target of exploration and development. The characteristics of the Carboniferous volcanic rock reservoir are studied through core, thin section, physical property, logging, and other data, and its main controlling factors are analyzed in combination with actual means of production. The lithologies of the volcanic reservoir in the study area are mainly volcanic breccia, andesite, and basalt. The matrix physical properties of volcanic rock reservoirs are medium-porosity and ultralow-permeability, among which volcanic breccia has the best physical properties. The reservoir space mainly comprises primary pores, secondary dissolution pores, and fractures, resulting in a dual medium pore-fracture-type reservoir. Combined with production data analysis, the lateral distribution of oil and gas is controlled by lithology and lithofacies, with explosive volcanic breccia being the best, followed by the basalt and andesite of overflow facies, which are vertically affected by weathering and leaching and distributed within 50~300 m from the top of the Carboniferous system. The area with densely developed fractures was conducive to developing high-quality reservoirs. The tectonic movement promoted the formation of weathering and controlled the development of faults. Based on a comprehensive analysis, it is believed that the formation of Carboniferous volcanic oil and gas reservoirs in the study area was controlled and influenced by the lithology, lithofacies, weathering, leaching, faults (fractures), and tectonics.