In this study, the differences in reservoir parameters, such as pore radius, throat radius, and pore-throat ratio, between the east and west subsags of the Lishui Sag are analyzed by using data obtained from a constant-rate mercury injection experiment. Fur-thermore, the quality of the reservoirs in the two subsags is systematically evaluated. Results show that the throat radius of the Lishui west subsag is larger than that of the east subsag, and this parameter has a positive correlation with reservoir quality. However, the pore-throat ratio of the east subsag is larger than that of the west subsag, which has an inverse relationship with reservoir quality. The main reasons for this reservoir difference can be attributed to sedimentation and diagenesis. The sedimentary facies types of the Lishui east subsag are the fan delta, shore lake, shallow lake, and shore shallow lake; their sandstone composition maturity is low; the clay mineral content is high; and the rock has undergone strong diagenesis. Therefore, the physical conditions of the reservoir are poor. However, the sandstones in the Lishui west subsag have weak cementation and compaction, mainly with an intergranular pore structure type, which leads to good connectivity between pores. Therefore, the storage performance and seepage capacity of the Lishui west subsag are better than those of the east subsag; the west subsag is the main area of oil and gas accumulation, as con-firmed in the process of exploration and development.