Though the prospective of reserves of tight oil reservoir of Chang 4+5 member of Yanchang Formation is great in Huaqing area, Ordos Bsin, but its speed of oil exploration and development has been much restricted much by weak reservoir diagenesis research. To study the characteristics of diagenesis, diageneticfacies and physical properties of reservoir of Chang 4+5 in Huaqing area, a series of analytic techniques were used, including polarized light microscope, casting slice, scanning electron microscope, electron probe microanalysis, cathodeluminescence, micro fluorescence, X-ray diffraction, fluid inclusion, high pressure mercury, physical properties, etc. The results showed that the ferrocalcite, quartz and kaolinite cementation caused the background of low porosity and ultra low permeability reservoir of Chang 4+5 reservoir in the study area, and the diagenetic stage belonged to the “A” middle now. Chlorite film cementation and early oil accumulation effectively protected pores and limited the mechanical compaction and the cementation. The intense dissolution of feldspar could greatly improve the reservoir porosity and cause the relatively high porosity and permeability reservoir. There are mainly divided into four kinds of diagenetic facies, including chlorite cementation residual intergranular pore facies, the mechanical compaction facies, chlorite cementation and feldspathic solution facies, carbonate cementation facies. The most favorable diagenetic facies is feldspathic solution facies, which mainly distributes in the middle sandbody of the fluxoturbidite and underwater distributary channel of the main sand belt adjacent the semi-deep lake shoreline, and it is favorable to the formation of relatively high porosity and permeability reservoir, of which surface porosity is more than 6.0%, porosity is more than 16.0 %, permeability is more than 1.30×10-3μm2. Comprehensive studies have shown that the combination of sedimentation and diagenesis controls the distribution of relatively high porosity and permeability reservoir.