Characteristics of Chang 21 low permeability sandstone reservoir of Shunning oil field are analyzed and evaluated based on the data of well logging and experiment. The result shows that 1) the Chang 21 low permeability reservoir belongs to the classification of middle-to-fine sized feldspar sandstone, with its components being low in maturity, deposited in distributary rivers in the front of the delta; 2) the reservoir is obviously dominated by a low or a very low permeability with a linear variation tendency different from that of the ultra-low permeability reservoir; 3) the spatial variation in lithology and physical properties of the reservoir are controlled by the sedimentary facies zones, and 4)the physical property of the reservoir is significantly influenced by clastic constituents and their structure, and the constituent of cement materials and their content. The result also shows that the diagenesis action of the reservoir is quite strong in which dissolution greatly modified the reservoir In addition, the inter-granular dissolved pores are the mainly developed ones and the micro-structure is dominated by the combination of middle-to-large sized pores with fine-to-coarse throats. Finally, the radius of the throats is in good exponential correlation with permeability and the seepage capacity comes from those large sized throats.