The Chang 7, Chang 8, and Chang 9 members of the Triassic Yanchang Formation in the Fuxian–Ganquan area of the Ordos Basin all develop lacustrine shales. However, current geological research and shale oil and gas exploration mainly focus on Chang 7 shale, with little attention given to Chang 8 and Chang 9 shale formations. Based on the experimental data from whole-rock mineral analysis, organic geochemical analysis, field-emission scanning electron microscopy analysis, and hydrocarbon generation simulation experiments, combined with well-logging data, the shale distribution, mineral composition, source rock characteristics, reservoir properties, and oil and gas contents of Chang 7, Chang 8, and Chang 9 shales were comprehensively analyzed. Moreover, the effect of integrated exploration of multilayer shales was evaluated based on a specific example. The results indicate that three sets of shales are extensively developed in the Yanchang Formation in the study area, but their thicknesses and distribution ranges vary greatly, and Chang 7 shale has the largest thickness and distribution range. Their clay mineral contents are relatively high, reaching an average of 46.7%. Also, the types of their organic matter are mainly Type I-II1, with high abundance and an average organic carbon content of 4.7%. Their vitrinite reflectance is between 0.7% and 1.3%, indicating that they are in the oil–gas symbiosis stage. Furthermore, they develop various types of nanoscale pores, such as intergranular pores, intragranular pores, and organic pores, and their porosity has an average value of 2.51% and increases significantly after crude oil is extracted. Oil and gas coexist in these three sets of shales, with an average free hydrocarbon content of 3.9 mg/g and an average gas content of 2.6 m3/t. Finally, in order to explore the integrated exploration and development of multilayer shale oil and gas formations, multilayer staged fracturing tests were carried out on six vertical wells for three sets of shales; the production results show that the gas production rate significantly increased by threefold, with a daily oil production rate of more than 1 ton. [ABSTRACT FROM AUTHOR]