With the continuous growth in global energy demand, research and development of unconventional oil and gas reservoirs have become crucial in the field of energy. This study focuses on the Chang 3 reservoir of the Yanchang Formation in the Ordos Basin, Weibei Oilfield, China. This reservoir is a typical tight sandstone reservoir, and its microscopic pore structure and displacement mechanism are essential for the efficient development of tight oil. However, the reservoir faces challenges such as complex microscopic pore structures and unclear displacement mechanisms, which hinder the efficient development of tight oil. In light of these challenges, through various studies including core observation, high-pressure mercury injection tests, water flooding experiments, oil-water two-phase relative permeability measurements, and stress sensitivity experiments, it was found that the Chang 3 reservoir exhibits strong microscopic heterogeneity. The pore-throat distribution characteristics mainly present two types: single peak and double peak, with the double peak type being predominant. The reservoir was classified and evaluated based on these characteristics. The improved injection ratio and properties enhance oil displacement efficiency, but an increase in irreducible water saturation has a negative impact on efficiency. The stress sensitivity of the reservoir fluctuates between weak and strong, with permeability being sensitive to net confining pressure. It is recommended to pay particular attention to the stress-sensitivity characteristics during reservoir development. The research results provide a scientific basis for the optimized development of tight oil reservoirs in this region, promote the sustainable development of unconventional oil and gas resources, and have significant theoretical and practical implications.