A special type of sandstone in which carbonate rock fragments (CRFs) dominate the composition developed in the Upper Triassic Xujiahe Formation’s fourth member (Xu4) in the western Sichuan Basin, known as calcareous sandstone. Calcareous sandstones are widely distributed in the western Sichuan and is the main production target of tight sandstone gas in the Sichuan Basin. In this study, thin sections, porosity–permeability testing, scanning electron microscopy, and X-ray diffraction are applied to examine the characteristics and control factors for high-quality reservoirs in the calcareous sandstones, with a view to providing guidance for natural gas exploration and development in calcareous sandstones. The results show that the calcareous sandstone belongs to litharenite, with an average framework grain composition of 30% quartz, 1% feldspar, and 69% rock fragments, while the Xu4 sandstone has a high quartz content (average content of 71%). Primary intergranular pores are the main storage space, and the reservoir quality is quite poor. Under the influence of different parent rock properties of sandstones, there are obvious differences in the composition of framework grains between the calcareous sandstone and the ordinary Xu4 sandstone, which in turn affects the reservoir storage space, diagenesis, and reservoir quality. High-energy depositional conditions, low content of late cements, and the development of fractures are the main controlling factors for the formation of high-quality reservoirs in Xu 4 calcareous sandstones.