In the Ordos Basin, the Chang 8 oil reservoir of the Triassic Yanchang Formation is the main target of oil exploration and development and there are many factors affecting the hydrocarbon accumulation. Well G20 is an important exploration well in the Yanchi area in the northwestern part of the basin, and the core of the Chang 8 reservoir was sampled and tested to determine the source rocks, trace element composition, mineral composition, reservoir physical properties, and oil-bearing properties. The results show that the rock retrieved exhibits delta plain subfacies; the range of the Chang 8 water body was large, with a gentle slope, and the climate was relatively dry. These findings suggest that this reservoir was deposited in an environment in which sedimentary sand body could easily form. The Chang 8 sandstone reservoir pores are dominated by intergranular pores and feldspar intragranular dissolution pores, indicating that the Chang 8 reservoir is a low-porosity and low-permeability reservoir. Chang 7 source rocks from this area have a type I-II1 hydrocarbon-generating potential, with an average total organic carbon (TOC) content of 5.99% and vitrinite reflectance (Ro) value of 0.48%. Combined with the regional sedimentary evolution, tectonic movement, and reservoir distribution, it is considered that due to the lack of lithologic traps or low-amplitude structural traps, G20 produced water in well testing. The Chang 8 oil reservoir in the Yanchi area can be divided into structural reservoirs and structural-lithologic reservoirs. The conventional oil and gas reservoir exploration ideas of “thick sand belt” and “reservoir sweet spot” are not applicable here. The lithology traps or low-amplitude structural traps and areas with good preservation conditions are the main directions for the next phase of exploration in the northwestern part of the Ordos Basin.