The Middle-Upper Permian organic-rich shales of Paleozoic in Wanjiang area of Lower Yangtze are potential targets for shale gas in the region, but there are few comparative studies on Gufeng Formation, Longtan Formation and Dalong Formation in the past. In order to evaluate the shale gas exploration potential of these three groups and optimize the exploration strata, the characteristics of organic-rich shale of the Middle-Upper Permian Series were comprehensively studied by means of geological-geochemical methods based on the geochemical and petrologic analysis data of drilling core and outcrop samples and field investigation. The results show that the degree of thermal evolution of organic-rich shales in the Middle-Upper Permian in Wanjiang area is quite different, and the degree of thermal evolution of organic-rich shales gradually increases from east to west. The organic-rich mud shale formations of Gufeng and Dalong formations are widely distributed, thick, rich in organic matter and moderate in thermal evolution in Wanjiang area, which have a good material basis for shale gas formation, and organic pores, inorganic pores and micro-fractures are developed, showing active oil and gas. The organic matter types of Dalong formation are mainlyⅡ2 and Ⅲ, which generally enter the stage of high maturity evolution. The exploration potential of shale gas is higher than that of Longtan Formation and Gufeng Formation, and the burial depth is moderate, mud shale is associated with silicic rock, which is conducive to artificial fracturing, and has great exploration potential. However, several periods of strong tectonic movement occurred in the late Wanjiang area, which had a certain destructive effect on the shale gas reservoir formed in the early stage.