The lithology and lithofacies assemblage of shale are highly complex and heterogeneous in the continental shale formations due to rapid changes in the sedimentary environment and source material, complicating the evaluation of shale oil enrichment areas, such as the member 3 of the Shahejie Formation in the Qikou sag, Bohaibay Basin, China. We used core observations and descriptions of well F39 × 1 and performed X-ray diffraction, scanning electron microscopy, nitrogen adsorption analysis, and nuclear magnetic resonance analysis to investigate the shale lithofacies characteristics and types in member 3 of the Shahejie Formation, and their effects on shale oil enrichment. The results showed the following. (1) The lithofacies are divided into four types according to the shale’s laminar structure, lithological characteristics, mineral composition, and organic matter content: thin laminar shale, thick laminar shale, massive mudstone, and argillaceous siltstone. These are divided into six subcategories. Each lithofacies has thin vertical layers. (2) The thin and thick laminar shale layers have favorable conditions for shale oil enrichment, such as a high total organic carbon content (TOC) (1.1–1.6%), many micropores (with the diameter of 0.5–2 µm) and fissures, a high residual hydrocarbon content (1.0–2.3 mg/g), and a good source-reservoir relationship, making them suitable for shale oil exploration. (3) The degree of lamina development influences the organic matter and residual hydrocarbon contents, the number of micropores, and the degree of shale oil enrichment. The semi-deep and deep lake facies are favorable areas for shale oil development.