Field sampling, chemical analysis, electron microprobe analysis (EPMA) and X-ray diffraction (XRD) analysis were conducted to study the chemical composition, material composition, trace elements and rare earth elements characteristics of black shale in Zhijin, Guizhou Province. The chemical composition of the ore sample was given priority to SiO₂ and Al₂O₃, which also had the characteristics of high K and low Na. The results of electron microprobe and X-ray diffraction analysis show that quartz, clay mineral, dolomite and pyrite are the main mineral composition. Pb, Ni, U, V, Cr and other metallic elements exist in the black shale of Zhijin with different degrees of enrichment. The amount of rare earth elements in black shale is 153.2×10^-6~224.89×10^-6, suggesting a LREE enrichment type. The authors also systematically discussed some problems such as resource utilization of black shale from polymetallic layers, shale gas, extraction of potassium from potassium-rich shale, and the phosphorus uranium resources near the bottom of the black shale. Black shale polymetallic layers contain Mo, V, Ni, Ag, U and other metal elements with utilization value. The content of organic carbon in the black shale is more than 2%, reaching geological conditions for shale gas development. Potassium can be extracted from illite in black shale for the preparation of potassium fertilizer. Phosphorus uranium deposit, mainly colloidal phosphorus uranium, is produced on the bottom of black shale and the contact zone phosphate layer, and hence the contact zone can serve as the uranium prospecting marker bed.