The lithofacies characteristics of the Qingshankou Formation (K2qn) shale in the Gulong Depression are crucial for oil exploration and development. This study investigates the K2qn shale lithofacies characteristics and their impact on reservoir physical properties using scanning electron microscopy (SEM), high-pressure mercury injection (HPMI), and logging quantification. The results indicate that the main minerals in K2qn shale are quartz, plagioclase, and clay. The sedimentary structures are classified into three types: laminated, layered, and massive. The K2qn shale lithofacies can be categorized into 12 types based on a combination of lithology and sedimentary structure. The main types are laminated clayey shale, layered clayey shale, and layered felsic shale. The larger the average pore size of the K2qn lithofacies, the stronger the heterogeneity of pore size distribution in space and the better the pore-to-throat connectivity. The impact of K2qn shale lithofacies on reservoir physical properties is mainly due to differences in lithology, complemented by variations in the sedimentary structural model. Under certain diagenetic or tectonic conditions, a layered sedimentary structural model of lithofacies may not increase reservoir permeability. Generally, felsic and carbonate rocks in tidal flat environments promote the development of shale with high permeability and porosity, while lithofacies deposited in static water environments below the wave base in lake basins typically exhibit low permeability and porosity. The physical properties of a reservoir are primarily influenced by the differences in pore throat characteristics resulting from variations in lithology.