Rock types with similar lithological components and pore structures form the basic units of porous limestone reservoirs; this influences the reservoir evaluation efficiency and water injection development. As the main oil and gas pay zone in central Iraq, the Cretaceous Khasib Formation reservoirs are influenced by deposition, dissolution, and cementation. There is strong vertical heterogeneity in the most important zone of the Kh2 layer, with diverse rock types and complex pore structures. Based on core observation and casting thin-section identification, the Kh2 layer in the study area was divided into eight lithofacies types as argillaceous bioclastic wackestone, planktic foraminiferium wackestone, lamellar bioclastic wackestone, intraclastic–bioclastic packstone, patchy green algae packstone, green algae and pelletoid packstone, benthic foraminiferium–bioclastic packstone, and intraclastic grainstone. Along with the reservoir void space types of the lithofacies, capillary pressure curves are used to quantitatively analyze the throat and pore features of the different lithofacies. From the porosity–permeability cross-plot characteristics and distribution of pore types, 14 petrophysical facies are obtained. Finally, based on the differences between the lithofacies and petrophysical facies, the Kh2 member is divided into 13 rock types with different geological origins and petrophysical characteristics. Among these, the rock type RT1-8-14 has the best and rock type RT1-1-1 has the worst physical properties among the reservoir rock types. This study provides an optimization method for carbonate reservoir evaluation and is expected to be beneficial for efficient development of similar carbonate reservoirs.