Based on both macroscopic and microscopic characteristics of cores from Lower Jurassic Da’anzhai Member in north central Sichuan Basin, and combined with physical property data, a detail study has been conducted, which includes reservoir characteristics such as lithologic characters, physical properties, and reservoir space types, and control factors of reservoir development. The study suggests that, there are two typical kinds of reservoirs: crystalline shell limestone and argillaceous shell limestone. The reservoirs properties are poor with ultra-low porosity and low permeability, which can be significantly improved by fractures. Reservoir space type is pore-fracture, mainly constitutive of the micro-fractures accompanied by dissolved pores. The reservoir development is controlled by sedimentation, diagenesis and tectogenesis together. Shell beach and lacustrine slop are the favorable facies for reservoir development. Dissolution is the primary constructive diagenesis to improve reservoir porosity and permeability. Structural fractures are necessary for reservoir effectiveness and high production.