Limestone reservoir plays a vital role in global oil and gas distribution. Many studies on limestone dissolution have been reported, which mainly emphasize on the main controlling factors of limestone dissolution and reservoir formation mechanism. However, few studies have been conducted on limestone dissolution laws, and a general understanding of limestone dissolution under supergene and burial conditions is lacking. A water-rock simulation experiment was conducted by using five typical Lower Paleozoic limestones in Zhuanghai area of Jiyang depression of China to study limestone dissolution laws under supergene and burial conditions. Sample characteristics were observed by scanning electron microscopy, and limestone dissolution was investigated by inductively coupled plasma optical emission spectrometer (ICP-OES). Results show that the erosion rate of limestone is higher than that of dolomite under supergene condition (22 °C and 1.0 MPa). Limestone has selective corrosion in structure and components. Calcite is generally manifested as a "corroded crystalline cone," and dolomite generally presents "honeycomb-shaped" corrosion. Under burial conditions, the erosion rate of limestone first increases, decreases, and finally increases in the range of [80 °C, 18 MPa-160 °C, 42 MPa]. In the range of [120 °C, 30 MPa-160 °C, 42 MPa], the erosion rate of dolomite gradually becomes higher than that of calcite, and the erosion of dolomite dominates. Dolomite easily forms secondary pores and high-quality reservoirs than limestone. In this study, the general laws of limestone dissolution were investigated, and conclusions provide references to evaluate high-quality limestone reservoirs.