In order to clarify the influence in the volcanic mode and structure on the oil reservoirs, the volcanic reservoir characteristics, volcanic eruption pattern, and volcanic eruption period of the third member of the Shahejie formation in the Dagang Oilfield Zao35 fault block are studied by combining logging, 3D seismic, and production data, and to provide geological basis for the subsequent development of volcanic reservoirs. The results show that the volcanic body of the Zao35 fault block is jointly controlled by the fissure-centered eruption mode, and there are three strings of bead-shaped eruption centers as well as a fault overflow channel. Based on the seismic response characteristics, the volcanic rocks can be divided into three main eruption cycles. Moreover, combined with the relatively stable mudstone interlayer encountered by the single well, it can be further divided into eight volcanic eruption periods. There are three different lava units in the overflow facies of each stage, namely thick layer dense basalt, basalt with pores developed at the top and dense at the bottom, and basalt with pores developed at the top and dense in the middle. Influenced by the volcanic development model, the oil is mainly distributed in the volcanic reservoir on the slope belt between the central eruption and the fracture eruption. Affected by volcanic eruption periods, the pore basalt at the top and bottom of each period controls the distribution of the oil reserves. Therefore, the thick layer stomatal basalt located between the two eruption modes is the key target of the next development.