The reservoir characteristics of Paleogene Wanchang Formation in the Liangjia structural belt located in the Chaluhe fault depression of the Yitong Basin are researched for exploiting a favorable target. Several conclusions are obtained in this paper. The porosity and acoustic transit time have good relativity. The reservoir petrophysical property of Member 2 or 3 of Wanchang Formation is the best favorable, mainly with medium porosity and permeability and that of Member 1 of Wanchang Formation is the better favorable, mainly with medium to low porosity and medium to low permeability.