Exploration and development effects of Lucaogou Formation laminated shale are not ideal in the Santanghu Basin, and the reasons are not clear. Therefore, in this study, laminated and massive shales were systematically sampled, and experiments of cryogenic adsorption of nitrogen and multi‐dimensional nuclear magnetic resonance comparison were carried out. The results show that Lucaogou Formation shale is rich in volcanic ash and low content of clay, which can be divided into tuff, dolomite, tuffaceous dolomite, dolomitic tuff, and other lithologic types. The laminar structure is developed in tuffaceous dolomite and dolomitic tuff. The pores of Lucaogou Formation shale with a diameter of more than 10 nm can be used as an effective storage space for movable oil. The oil saturation and mobile oil ratio of laminated shale are lower than that of massive shale. Movable oil is controlled by carbonate content, and the higher the content, the higher the proportion of movable oil. Millimetre laminae are rich in organic matter and have poor interlaminar pore connectivity, which leads to strong adsorption capacity for oil. Therefore, the migration of oil between laminae is blocked, and oil mainly distributes or migrates in the bedding plane between laminae in laminated shale, which cannot be used as favourable reservoirs.