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This paper took extra low permeability reservoirs in Dagang Liujianfang Oilfield as an example and analyzed different types of microscopic pore structures by SEM, casting thin sections fluorescence microscope, and so on. With adoption of rate-controlled mercury penetration, NMR, and some other advanced techniques, based on evaluation parameters, namely, throat radius, volume percentage of mobile fluid, start-up pressure gradient, and clay content, the classification and assessment method of extra low permeability reservoirs was improved and the parameter boundaries of the advantageous reservoirs were established. The physical properties of reservoirs with different depth are different. Clay mineral variation range is 7.0%, and throat radius variation range is 1.81 μm, and start pressure gradient range is 0.23 MPa/m, and movable fluid percentage change range is 17.4%. The class IV reservoirs account for 9.56%, class II reservoirs account for 12.16%, and class III reservoirs account for 78.29%. According to the comparison of different development methods, class II reservoir is most suitable for waterflooding development, and class IV reservoir is most suitable for gas injection development. Taking into account the gas injection in the upper section of the reservoir, the next section of water injection development will achieve the best results.