Well Ping’an 1, located at the paleo central sag in northeastern Sichuan Basin, achieved a high shale oil production of 100 tons from Lianggaoshan Formation, indicating a major breakthrough of shale oil and gas of Lianggaoshan Formation in Sichuan Basin. Based on the exploration results in Well Ping’an 1, the main controlling factors for shale oil accumulation and exploration orientation of Lianggaoshan Formation in northeastern Sichuan Basin are systematically analyzed. The results show that the shale oil reservoir in Well Ping’an 1 is lacustrine organic rich shale and the rock type is felsic shale. The average porosity is 2.06%, dominated by intergranular pores and intracrystal pores, with micro fractures developed; TOC ranges from 0.64%-1.35%, and Type II organic matter is dominant. R o is in the range of 1.51%-1.66%. The content of brittle minerals is 50.4%-54.8%. The comprehensive evaluation indicates that the widely distributed semi deep lacustrine shale is rich in organic matter in foreland basin in northeastern Sichuan Basin, which is conducive to shale oil and gas accumulation. Among them, three layers of shale are developed in the Upper Lianggaoshan Formation, with strong hydrocarbon generation capacity and high degree of thermal evolution, which is a set of high-quality source rock as a whole; In addition, it has good preservation conditions, formation overpressure and well-developed pore-fracture system, which enable to serve as an effective reservoir and a high-efficiency production layer. The breakthrough in Well Ping’an1 shows the great exploration potential of the Jurassic lacustrine shale, and plays a positive role in accelerating shale oil exploration in Sichuan Basin.