The Lower Triassic Feixianguan Formation at the well-known Puguang gasfield in the northeastern Sichuan Basin of southwest China produces a representative oolitic reservoir, which has been the biggest marine-sourced gasfield so far in China (discovered in 2003 with proven gas reserves greater than 350×10⁸ m³). This study combines core, thin section, and scanning electron microscopy observations, and geochemical analysis (C, O, and Sr isotopes) in order to investigate the basic characteristics and formation mechanisms of the reservoir. Observations indicate that platform margin oolitic dolomites are the most important reservoir rocks. Porosity is dominated by intergranular and intragranular solution, and moldic pore. The dolomites are characterized by medium porosity and permeability, averaging at approximately 9% and 29.7 mD, respectively. ⁸⁷Sr/⁸⁶Sr (0.707536–0.707934) and δ¹³C_PDB (1.8‰–3.5‰) isotopic values indicate that the dolomitization fluid is predominantly concentrated seawater by evaporation, and the main mechanism for the oolitic dolomite formation is seepage reflux at an early stage of eodiagenesis. Both sedimentation and diagenesis (e.g., dolomitization and dissolution) have led to the formation of high-quality rocks to different degrees. Dolomite formation may have little contribution, karst may have had both positive and negative influences, and burial dissolution-TSR (thermochemical sulfate reduction) may not impact widely. The preservation of primary intergranular pores and dissolution by meteoric or mixed waters at the early stage of eogenesis are the main influences. This study may assist oil and gas exploration activities in the Puguang area and in other areas with dolomitic reservoirs.