The Upper Ordovician-Lower Silurian Longmaxi Shale in the Upper Yangtze block represents one of the most important shale gas plays in China. The shale composition, porosity, organic thermal maturity, and methane sorption were investigated at the Qilongcun section in the Dingshan area, southeastern Sichuan Basin. The results show that the Upper Ordovician-Lower Silurian Longmaxi Shale contains: (1) sapropelic I organic matter; (2) a 40-m thick bedded sequence where total organic carbon (TOC) content is > 2%; (3) a 30-m thick layer at the base of the Longmaxi Shale with a brittle mineral content higher than 50%; and (4) a mean methane adsorption capacity of 1.80 cm3/g (7 MPa pressure). A positive correlation between TOC and sorbed gas indicates that organic matter content exerts an important control on methane storage capacity. Based on the analysis of the shale reservoir characteristics, the lower member of the Longmaxi Shale can thus be considered a favorable stratum for shale gas exploration and exploitation. It has similar reservoir characteristics with the Longmaxi Shale in the Jiaoshiba area tested with a high-yield industrial gas flow. However, based on tectonic analysis, differences in the level of industrial gas flow between the low-yield study area and the high-yield Jiaoshiba area may result from different tectonic preservation conditions. Evidence from these studies indicates the shale gas potential of the Longmaxi Shale is constrained by the reservoir and preservation conditions.