The process of extracting shale gas, particularly the study of the utilization law of shale reservoirs modified by hydraulic fracturing technology, is crucial for understanding the effective development of shale gas. This understanding can significantly influence the estimated ultimate recovery of reserves. Our study focused on Longmaxi Formation shale in the Changning–Weiyuan block. To investigate the hydraulic fracturing expansion mechanism and utilization law, we employed shale reservoir physical and mechanical characterization, indoor triaxial hydraulic fracturing experiments, and numerical simulations. The findings are as follows. The rupture pressure of hydraulic fractures increases with the peripheral pressure, and high stress is conducive to the formation of internal microfractures. Additionally, a high rate of water injection enhances fracture extensions along the direction of fluid injection. Under varying injection pressures, the length of crack extensions and number of bond damages in shale are positively correlated with the injection pressure. Conversely, under different differential ground stresses, the length of crack extensions and number of bond damages are negatively correlated with the injection pressure. The six main factors affecting the effective utilization of shale gas are as follows: the stimulated reservoir volume, number of hydraulic fracture clusters, fracture length, fracture height, number of fracture stages, and cluster spacing, accounting for 27.13%, 14.74%, 10.31%, 9.58%, 9.53%, and 9.29%, respectively, with a cumulative contribution rate of 80.58%. This study clarifies the hydraulic fracturing mechanisms of shale reservoirs and the laws governing shale gas production, providing technical support for the development of shale gas reservoirs.