The high exploration and development production capacity of the Jiyang Depression, Bohai Bay Basin, China in the early stage confirms the huge exploration and development potential of shale oil in the study area. Due to the complexity of the depositional mechanism in the study area, the distribution law of fine-grained sedimentary rocks is not well understood, which restricts further exploration breakthroughs. This paper comprehensively observes rock cores and thin sections, combines mineral components, Rock-Eval pyrolysis, rock-cutting logging and logging data to classify lithofacies, and clarifies the distribution law of various lithofacies. The research results show that, according to lithological characteristics, various lithofacies origins are classified into three categories: terrigenous, mixed, and endogenous sources, and six lithofacies types are distinguished: terrigenous low-organic-matter massive siltstone (LF1), terrigenous low-organic-matter massive mudstone (LF2), mixed-source medium-organic-matter massive mudstone (LF3), mixed-source medium-to-high-organic matter laminated-massive mudstone (LF4), mixed-source medium-to-high-organic-matter laminated mudstone (LF5), and endogenous-sourced medium-to-high-organic matter laminated limestone (LF6). The distribution of lithofacies in plane is symmetrical in the east–west direction and is characterized by a banded distribution; the distribution in profile shows a stable depositional process and a continuous depositional sequence. The various lithofacies depositional models have been summarized; the terrigenous input from the northern steep-slope zone has influenced the hydrodynamic conditions of the lake basin, significantly affecting the lithofacies depositional variations from the steep-slope zone to the deep-sag area. The geological evaluation of each lithofacies has been conducted; LF1 + LF4 + LF5 are classified as Class I—target reservoirs for shale oil development, while LF3 + LF6 are considered Class II—favorable reservoirs. The result of the study provide a reference for the classification of fine-grained sedimentary-rock facies and distribution characteristics, and the evaluation of shale-oil-reservoir sweet spots in graben lake basins.
