Mudstone is very similar to shale except it lacks sheet bedding. Shale gas is widely concerned and successfully exploited commercially in the world, while gas-bearing mudstone is rarely paid attention. To evaluate the reservoir characteristics and exploitation potential of gas-bearing mudstone, a total of 127 mudstone samples from the Shanxi formation were tested by X-ray diffraction (XRD), scanning electron microscope (SEM), gas content, etc., and the qualitative identification and quantitative evaluation of gas-bearing mudstone reservoirs were performed on four wells using the logging curve overlay method and reservoir parameter calculation equations. The results showed that: (1) the average total gas content of core measurement is 1.81 m3/t, and the total content of brittle minerals is 44.2%, which confirms that mudstones can also have good gas content and fracturing performance; (2) logging evaluation the average thickness of gas-bearing mudstone is 55.7 m, the average total gas content is 1.6 m3/t, and the average brittleness index is 38.1%, which indicates that the mudstone of Shanxi formation in the study area is generally gas-bearing and widely distributed. All the results reveal that gas-bearing mudstone with block bedding has the same exploitation potential as shale with sheet bedding,which deserves more attention.