Abstract: The effects of water on the physical and mechanical properties of shale are of great importance for understanding the hydraulic fracturing treatment and borehole stability in the shale reservoir. This paper aims at giving a systematic review on the experimental studies on this area, including the following aspects:(1)effect of water on the clay mineral contents and micro-structure of shale; (2)effect of water on the acoustic characteristics of shale; and (3)effect of water on the mechanical properties of shale, such as the deformation, strength, and failure behaviors. Based on the state of art of these studies, a discussion is made combining with the engineering problems. This paper will be helpful for understanding the related issues in shale gas exploitation and carrying out deeper researches.