Abstract: Houhe area is the most oil and gas rich area in Ludong sag, because of the poor physical properties of the reservoir, unclear reservoir control factors, high-quality reservoir is difficult to be accurately predicted, which seriously restricts the exploration deployment in this area. In order to make clear the reservoir characteristics and influencing factors, the research on reservoir characteristics and the analysis of influencing factors of reservoir physical properties are mainly carried out. The results show that the main reservoir space type is secondary dissolution pores, and the low porosity ultra-low permeability reservoir is developed. The physical property of the whole reservoir is poor, but the reservoir is developed well in some areas. Laterally, the reservoir physical properties are controlled by the sedimentary facies belt, and the fan delta front facies belt has better reservoir physical properties. Vertically, under the influence of dissolution, the secondary pores of the two sections of the Jiufotang formation are relatively developed.