Abstract: Globally, most organic-rich shales are deposited with volcanic ash layers. Volcanic ash, a source for many sedimentary basins, can affect the sedimentary water environment, alter the primary productivity, and preserve the organic matter (OM) through physical, chemical, and biological reactions. With an increasing number of breakthroughs in shale oil exploration in the Bohai Bay Basin in recent years, less attention has been paid to the crucial role of volcanic impact especially its influence on the OM enrichment and hydrocarbon formation. Here, we studied the petrology, mineralogy, and geochemical characteristics of the organic-rich shale in the upper submember of the fourth member (Es41) and the lower submember of the third member (Es33) of the Shahejie Formation, aiming to better understand the volcanic impact on organic-rich shale formation. Our results show that total organic carbon is higher in the upper shale intervals rich in volcanic ash with enriched light rare earth elements and moderate Eu anomalies. This indicates that volcanism promoted OM formation before or after the eruption. The positive correlation between Eu/Eu∗ and Post-Archean Australian Shale indicates hydrothermal activity before the volcanic eruption. The plane graph of the hydrocarbon-generating intensity (S1+S2) suggests that the heat released by volcanism promoted hydrocarbon generation. Meanwhile, the nutrients carried by volcanic ash promoted biological blooms during Es41 and Es33 deposition, yielding a high primary productivity. Biological blooms consume large amounts of oxygen and form anoxic environments conducive to the burial and preservation of OM. Therefore, this study helps to further understand the organic-inorganic interactions caused by typical geological events and provides a guide for the next step of shale oil exploration and development in other lacustrine basins in China.