High-yielding oil wells were recently found in the first member of Paleogene Shahejie Formation, the Binhai area of Qikou Sag, providing an example of medium- and deep-buried high-quality reservoirs in the central part of a faulted lacustrine basin. By using data of cores, cast thin sections, scanning electron microscope and physical property tests, the sedimentary facies, physical properties and main control factors of the high-quality reservoirs were analyzed. The reservoirs are identified as deposits of slump-type sub-lacustrine fans, which are marked by muddy fragments, slump deformation structure and Bouma sequences in sandstones. They present mostly medium porosity and low permeability, and slightly medium porosity and high permeability. They have primary intergranular pores, intergranular and intragranular dissolution pores in feldspar and detritus grains, and structural microcracks as storage space. The main factors controlling the high quality reservoirs are as follows: (1) Favorable sedimentary microfacies of main and proximal distributary gravity flow channels. The microfacies with coarse sediment were dominated by transportation and deposition of sandy debris flow, and the effect of deposition on reservoir properties decreases with the increase of depth. (2) Medium texture maturity. It is shown by medium-sorted sandstones that were formed by beach bar sediment collapsing and redepositing, and was good for the formation of the primary intergranular pores. (3) High content of intermediate-acid volcanic rock detritus. The reservoir sandstone has high content of detritus of various components, especially intermediate-acid volcanic rock detritus, which is good for the formation of dissolution pores. (4) Organic acid corrosion. It was attributed to hydrocarbon maturity during mesodiagenetic A substage. (5) Early-forming and long lasting overpressure. A large-scale overpressure compartment was caused by under-compaction and hydrocarbon generation pressurization related to thick deep-lacustrine mudstone, and is responsible for the preservation of abundant primary pores. (6) Regional transtensional tectonic action. It resulted in the structural microcracks.