The southern Sichuan Basin is the core area of China’s efficient development of deep shale gas (burial depth greater than 3,500 m). Reservoir geological characteristics determine whether shale gas can be preserved, enriched, and produced. Taking the Long 11 sub-member of the Wufeng Formation of the Upper Ordovician and the Longmaxi Formation of the Lower Silurian in the East Weiyuan–North Rongchang area as an example, we used the core, logging, production test, and other data, combining X-ray diffraction analysis, LECO Total Organic Carbon (TOC)-S analysis, optical microscopy, and argon ion polishing field-emission scanning electron microscopy, to study the shale mineral composition, geochemistry, reservoir space, pore structure characteristics, and reservoir physical properties. The following results were obtained: 1) The brittle mineral content, organic matter maturity, and TOC content are high, gradually increase from top to bottom, and reach their maxima at small layer 1 of Long 11. 2) Organic pores, inorganic pores, and fractures are important reservoir spaces, among which organic pores and fractures are important seepage channels for shale gas. 3) The shale pore structure revealed by electron microscopy shows that the pore structure in target layers can be divided into four types: unimodal type (mainly organic pores), bimodal type (both organic and inorganic pores), monoclinic type I (mainly organic pores), and monoclinic type II (mainly inorganic pores). The pore morphology is complex, and circular and oval shapes predominate. 4) Sedimentary facies are the main factor controlling the enrichment of shale gas, and the development of fractures is the key to obtaining high yields of shale gas. 5) The class I favorable target area is mainly distributed in wells W206, W206H1, R234H, and R233H and areas to its south, and some areas in the east of the study area.