Analysis of natural fractures is essential for understanding the heterogeneity of basement reservoirs with carbonate rocks since natural fractures significantly control key attributes such as porosity and permeability. Based on the observations and analyses of outcrops, cores, borehole image logs, and thin sections from the Mesoproterozoic to Lower Paleozoic in the Jizhong Sub-Basin, natural fractures are found to be abundant in genetic types (tectonic, pressure-solution, and dissolution) in these reservoirs. Tectonic fractures are dominant in such reservoirs, and lithology, mechanical stratigraphy, and faults are major influencing factors for the development of fractures. Dolostones with higher dolomite content are more likely to have tectonic fractures than limestones with higher calcite content. Most tectonic fractures are developed inside mechanical units and terminate at the unit interface at nearly perpendicular or high angles. Also, where a thinner mechanical unit is observed, tectonic fractures are more frequent with a small height. Furthermore, the dominant direction of tectonic fractures is sub-parallel to the fault direction or oblique at a small angle. In addition, integrating diverse characteristics of opening-mode fractures and well-testing data with oil production shows that, in perforated intervals where dolostone and limestone are interstratified or dolostone is the main lithologic composition, fractures are developed well, and the oil production is higher. Moreover, fractures with a larger dip angle have bigger apertures and contribute more to oil production. Collectively, this investigation provides a future reference for understanding the importance of natural fractures and their impact on oil production in the carbonate basement reservoirs.