To clarify the distribution of favorable reservoirs in the middle and deep layers of the southern slope of the Nanpu sag and identify relatively high-quality reservoir sections, the characteristics of the reservoirs in the middle and deep layers of the southern slope of the Nanpu sag were studied by means of core analysis, thin section casting, scanning electron microscopy, and analytical tests. Research shows that the middle and deep reservoirs on the southern slope of the Nanpu sag are mainly lithic feldspathic sandstone and that the debris is mainly magmatic rock. The diagenesis processes are mainly compaction, cementation, and dissolution. The deformation of plastic particles, brittle microcracks on the surface of rigid clastic particles, calcareous cementation, quartz overgrowth, and feldspar dissolution are common. The pores are co-developed by primary pores and secondary pores, in which the primary pores are more common in the third member of the Dongying Formation and the first member of the Shahejie Formation, whereas the secondary pores are more common in the first member of the Shahejie Formation. The genesis of pore development is discussed. It is considered that the anticompaction components, chlorite film, and hydrocarbon filling play major roles in the formation of primary pores, whereas atmospheric water leaching, diagenetic evolution, thermal evolution of organic matter, and clay mineral transformation play major roles in the formation of secondary pores.