This study comparatively analyzed the geological, geochemical, reservoir, and gas-bearing characteristics of the lower Cambrian marine shale in the Middle and Lower Yangtze regions. The main factors controlling the gas-bearing properties of the shales were identified, and the favorable and unfavorable conditions for shale gas accumulation are discussed. The results show that the organic carbon contents and thermal evolution degree of the organic matter in the lower Cambrian marine shale in the Lower Yangtze area were higher than those generally found in the Middle Yangtze area. The brittle mineral composition of the Middle Yangtze area was typically low silicon and high calcium, whereas the Lower Yangtze area was characterized by high silicon and low calcium. The development of micropores in the Lower Yangtze area was poorer than in the Middle Yangtze area, with the organic pores being particularly underdeveloped. The adsorption capacity of shale in the Lower Yangtze area was obviously higher than in the Middle Yangtze area. It was considered that the organic carbon content, thermal evolution degree, and molecular structure of kerogen were the main factors that controlled the adsorption properties of the shale. In addition, the Lower Yangtze area suffered a stronger tectonic transformation and frequent magmatic activity, and the preservation conditions were inferior to those in the Middle Yangtze area.