The Paleogene sandstone reservoir of Huizhou Sag is an important target for deep exploration in the Pearl River Mouth Basin, South China Sea. Because of the intense volcanic activity, it had a significant impact on the development of reservoirs, making it hard to predict. The diagenetic process of volcanogenic sediment and their influence of the reservoir have been studied by petrographic analysis, X-ray diffraction and scanning electron microscopy (SEM). Four types of volcanogenic sediment were identified: volcanic dust (<0.05 mm), volcanic rock fragments, crystal fragments (quartz and feldspar) and vitric fragments. The strong tectonic and volcanic activity of the Wenchang Formation resulted in a high content of volcanic materials, which led to significant reservoir compaction. The main sedimentary facies types are fan delta facies and lacustrine facies; the thick lacustrine mudstone can be used as high-quality source rock. After the source rock of the Wenchang Formation matured and discharged acids, feldspar and rock fragments dissolved to form dissolution pores, which effectively increases the porosity of the reservoir, but the argillaceous matrix and clay minerals produced by the volcanic dust alteration would reduce the permeability of the reservoir. With the weaker tectonic activity of the Enping Formation, the sedimentary facies changed into braided river delta, resulting in the greater componential maturity of the reservoir. Due to the relatively small impact of acidic fluids on the reservoir, the pore types of the reservoir are mainly primary pores with good physical properties.