Through abundant data of seism, drilling, logging, mineral, geochemistry and physical properties, it is concluded that the shale of Paleogene Es1, Lower Es3 and Upper Es4 in Bonan sub-sag, Jiyang Depression is characterized by wide distribution and high abundance, better types (mainly with type I and II) and wide maturity range of organic matter, with a material basis for the formation of shale oil and gas in a large scale. Meanwhile, the low content of clay mineral and high content of brittle mineral (mainly with carbonate) in the 3 sets of shale are favorable for the exploitation of shale oil and gas. In addition, the high pressure coefficient and the development of different micropores and microcracks in the shale are also favorable for the preservation of shale oil and gas, because the reticular storage system is easy to form under this condition. According to the oil and water saturation data, the upper of No.12 layer to upper of No.13 layer in the Lower Es3 formation are the favorable layers for shale oil and gas exploration in Bonan sub-sag because of their high oil and gas content in unit rock. Especially, as the most favorable rock type, the lamiated argillaceous limestone could be effectively explored .