Abstract: It is important to search controlling factors on physical property and reservoir characters of Fengcheng Formation in Shawan depression, where need to excavate large oil and gas potential. Petrology, reserve characters and controlling factors on physical property of Fengcheng Formation were analysesed in detail through core observation, microscope image analysis, SEM, electro probe micro-analysis, physical property and oil testing data. Rock type of Fengcheng Formation was dominated by sandy conglomerate, and micro cracks were main reserve spaces with bending throats; The reservoir belonged to low porosity and low permeability with complex pore structures; Tectonic, sedimentary and diagenetic were controlling factors on physical property, development of faults and abnormal pressure built basic formation for micro cracks, ancient landscape had an important control on hydrodynamic conditions, differences on composition and construction of rocks intensified plane heterogeneity of physical property. Diagenetic controlled final physical property, compaction and cementation made physical property of reservoirs poorer, while corrosion made it better.