Significant achievements have been reported for deep oil and gas exploration in the Bohai Bay Basin. Among them, the Nanpu Sag has achieved good deep (greater than 3.5 km) hydrocarbon exploration results. However, the hydrocarbon formation mechanisms and the diagenetic evolution of these high‐quality sandstone reservoirs remain unclear. Mineralogical, petrographic, and fluid inclusion data were selected to investigate the deeply buried sandstone reservoir physical properties, pore systems, and diagenetic features and the main formation mechanisms of the deep high‐quality reservoirs of the Es1 (the top member of the Paleogene Shahejie Formation) sandstones in the Nanpu Sag, eastern China. The results show that the Es1 sandstone reservoirs are dominated by lithic arkoses and have low porosities (average porosity 13.4%) but medium to high permeability (average permeability 188 mD). The pore systems consist of primary intergranular pores, secondary dissolution pores, and microfractures. Loss of porosity is greater due to compaction (average 20.89%) than due to cementation (average 4.82%), and dissolution contributes an improvement in porosity of approximately 5.85%. Two peaks in the inclusion homogenization temperatures were observed: The first fluid inclusion homogenization temperature term ranges from 130°C to 145°C and exhibits yellow fluorescence; the other peak occurs from 155°C to 165°C, showing green fluorescence. Eodiagenesis is due to mechanical compaction, precipitation of early calcite cements and quartz overgrowths, and dissolution of feldspar and carbonate cements. Mesodiagenesis occurs due to mechanical compaction, framework grain (mainly feldspar) dissolution, and precipitation of quartz and late carbonate cements. The main factors controlling the formation of the deep high‐quality reservoirs are the presence of a high hydrodynamic depositional environment (subaqueous distributary channel), the type of provenance (Archean granites), and the creation of secondary porosity by feldspar dissolution.