The Lower Jurassic lacustrine shale is well developed in the western Qaidam Basin and characterized by significant thickness and continuous distribution. Previous investigations have indicated its substantial potential as a shale gas resource. Based on experiments of organic carbon content, vitrinite reflectance, rock-eval pyrolysis, X-ray diffraction, and low-temperature nitrogen adsorption, the hydrocarbon potential and reservoir characteristics of Lower Jurassic lacustrine shale in the western Qaidam Basin were systematically analyzed. The results show that the total organic carbon (TOC) content ranges from 1.71% to 4.49%, with an average of 2.98%. The kerogen belongs to type II–III. The vitrinite reflectance (Ro) ranges from 1.05% to 1.95%, with an average of 1.62%, indicating that the kerogen has reached the high thermal maturity stage (gas window). The maximum pyrolysis peak temperature (Tmax) ranges from 408 °C to 580 °C, with an average of 498.38 °C, further supporting the high thermal maturity of the kerogen. The content of brittle minerals, including quartz, feldspar, pyrite, and carbonate, ranges from 21% to 44% (averaging 32.54%), which is comparable to shale minerals found in American Ohio shale. The pore structure of the shale is predominantly characterized by open parallel plate slit pores and inclined slit pores. The pore diameter distribution curve can be divided into two types, including unimodal distribution and bimodal distribution. Micropores and mesopores contribute significantly to the specific surface area, and mesopores account for the highest proportion of pore volume. The thermal evolution degree has a direct impact on pore development of shale reservoirs. The micropore, mesopore, macropore, and total pore volumes of lacustrine shale in the study area show a negative correlation with TOC content, indicating that the organic matter within the shale is probably still in the first pyrolysis stage. However, no significant correlation is observed between pore volume and clay mineral content or between pore volume and brittle mineral content due to the complex interplay of several geological factors. These findings contribute to a better understanding of the lacustrine shale gas resource potential and can guide future exploration and exploitation efforts. In addition, the systematic analysis of reservoir characteristics serves as a foundation for the introduction and exploration of new shale fracturing technologies, which is of great significance for reducing the consumption of water resources and mitigating potential geo-disasters.