The reservoir properties, diagenetic features and evolution of the Paleogene Shahejie Formation (Es) in the Nanpu sag, Bohai Bay Basin were analyzed based on mineralogical and petrological data, and the main controlling factors and formation mechanisms of medium to deep high-quality reservoir were revealed by multiple regression analysis. The results show that the sedimentary microfacies, rigid grains content, and dissolution process are the key factors controlling the formation of high-quality clastic reservoir in middle to deep depth in the Nanpu sag. The formation mechanisms of middle to deep sandstones of the Es in different structural belts differ widely in formation mechanism. The Es₁ (uppermost member of Es) sandstone reservoirs in the Nanpu No.3 structural belt is low porosity, moderate to high permeability reservoir in the mesodiagenesis A2 stage on the whole, and the formation of high-quality reservoirs is mainly attributed to strong compaction resistance ability primarily, and dissolution process secondarily. The Es₃ (third member of Es) sandstones in Gaoshangpu structural belt is classified as tight sandstones in the mesodiagenesis A1 stage, in which the development of favorable reservoirs is primarily controlled by dissolution. This study provides references for reservoir evaluation of deep clastic reservoirs and exploration deployment in the Bohai Bay rift basin. As there are high-quality reservoirs, it is believed that the deep clastic reservoirs in the eastern of China, such as Bohai Bay Basin still have significant exploration potential.