The Ordovician Wulalike Formation in the northwestern Ordos Basin is a new prospect for exploring marine shale gas in China, facing prominent problems such as unclear reservoir conditions and the distribution of enrichment areas. The types of reservoir space, fracture development, porosity composition, and physical properties of the lower Wulalike Formation are discussed through the multi-method identification and quantitative evaluation of reservoir space for appraisal wells. The Wulalike Formation in the study area contained fractured shale reservoirs with matrix pores (mainly inorganic pores) and permeable fractures. The fracture system of the lower Wulalike Formation is dominated by open bed-parallel fractures that are intermittent or continuous individually, with a width of 0.1−0.2 mm and spacing of 0.5−14.0 cm. The fracture-developed intervals generally exhibit bimodal or multimodal features on NMR T2 spectra and have a dual-track feature with a positive amplitude difference in deep and shallow resistivity logs. The length and fracture porosity of fracture-developed intervals varied greatly in different parts of the study area. In the Majiatan-Gufengzhuang area in the southern part of the study area, the fracture development degree generally decreased from west to east. In the Shanghaimiao area in the central part of the study area, fractures were extremely developed, the continuous thickness of the fracture-developed interval was generally more than 20 m, and the average fracture porosity was higher than 1.3%. In the Tiekesumiao area in the northern part of the study area, the fracture development degree was generally lower than that in the central and southern parts of the study area and also showed a decreasing trend from west to east. The lower Wulalike Formation had a total porosity of 2.46−7.08% (avg. 4.71%), roughly similar to the Longmaxi Formation in the Sichuan Basin, of which matrix porosity accounts for 34.0−90.0% (avg. 61.1%) and fracture porosity accounts for 10.0−66.0% (avg. 38.9%). From this, it could be inferred that the shale gas accumulation type of the lower Wulalike Formation in the northwest margin of the basin is mainly a fractured shale gas reservoir controlled by structure, and its “sweet spot area” is mainly controlled by tectonic setting and preservation conditions. This indicates that the Wulalike Formation in the northwestern Ordos Basin has good shale gas exploration prospects, and a large number of fault anticlines or fault noses formed by reverse dipping faults have the potential of favorable exploration targets.