The geological reservoir characteristics and mechanical parameters of oil and gas fields exert significant influence on the stability and preliminary feasibility assessment of underground gas storage facilities, posing an urgent challenge for petroleum engineers to address. This study, grounded in the geological conditions and fundamental characteristics of the Wanshunchang gas field, explores the effects of various factors on stability parameters of gas storage facilities and analyzes the reasons underlying differences in stability. The findings reveal that the geological and mechanical parameters of the Wanshunchang gas field meet the basic requirements for gas storage facilities and can withstand injection and extraction pressures of up to 80 MPa. Furthermore, an increase in reservoir elastic modulus and cohesive strength mitigates reservoir leakage and contributes to maintaining wellbore stability in underground gas storage. Additionally, the pressure and curvature of the overlying strata are important factors affecting the permeability characteristics and stability of gas storage facilities. However, at a reservoir depth of 3000 meters, low leakage rates (23 ml/h) and reservoir damage (8%) can be achieved, highlighting the potential for establishing gas storage facilities with minimal adverse effects. Through comprehensive analysis of the geological reservoir characteristics of the Wanshunchang gas field, optimal parameter configurations suitable for gas storage facilities can be identified, elucidating the stability mechanisms thereof. This study provides essential data support for the Wanshunchang gas field as a potential site for underground gas storage.