Eighty-two core samples were collected from the Spring Valley #1 well which penetrates the Upper Carboniferous strata in the Late Devonian–Early Permian Maritimes Basin. The strata consist of alternating sandstones and mudstones deposited in a continental environment. The objective of this study is to characterize the relationship of sandstone porosity with depth, and to investigate the diagenetic processes related to the porosity evolution. Porosity values estimated from point counting range from 0% to 27.8%, but are mostly between 5% and 20%. Except samples that are significantly cemented by calcite, porosity values clearly decrease with depth. Two phases of calcite cement were distinguished based on Cathodoluminescence, with the early phase being largely dissolved and preserved as minor relicts in the later phase. Feldspar dissolution was extensive and contributed significantly to the development of secondary porosity. Quartz cementation was widespread and increased with depth. Fluid inclusions recorded in calcite and quartz cements indicate that interstitial fluids in the upper part of the stratigraphic column were dominated by waters with salinity lower than that of seawater, the middle part was first dominated by low-salinity waters, then invaded by brines, and the lower part was dominated by brines. Homogenization temperatures of fluid inclusions generally increase with depth and suggest a paleogeothermal gradient of 25 °C/km, which is broadly consistent with that indicated by vitrinite reflectance data. An erosion of 1.1–2.4 (mean 1.75) km of strata is inferred to have taken place above the stratigraphic column. δ¹⁸O values of calcite cements (mainly from the late phase) decrease with depth, implying increasing temperatures of formation, as also suggested by fluid-inclusion data. δ¹³C values of calcite cements range from −13.4‰ to −5.7‰, suggesting that organic matter was an important carbon source for calcite cements. A comparison of the porosity data with a theoretical compaction curve indicates that the upper and middle parts of the stratigraphic column show higher-than-normal porosity values, which are related to significant calcite and feldspar dissolution. Meteoric incursion and carboxylic acids generated from organic maturation were probably responsible for the abundant dissolution events.