Induced earthquakes are becoming a significant issue. Several destructive induced earthquakes ( ≥5.0) have occurred in shale gas fields located at the southwestern Sichuan basin, China, in the recent years. Specifically, two moderate earthquakes with magnitudes of 5.4 (occurred on 8 September 2019) and 5.2 (occurred on 18 December 2019) exceeded the largest earthquake ever recorded in the Weiyuan. It remains unclear which seismogenic faults were responsible for the two moderate events due to insufficient knowledge of the subsurface structure and contradictory hypocenter depths obtained from different seismological methods. In this study, mainshock locations, focal mechanisms, and precise relocations of microseismicity were used to map the 3D geometry of the seismogenic fault. The result shows that the two moderate earthquakes occurred on the same fault. High‐resolution seismic reflection profiles indicate several preexisting faults at various depths and a potential seismogenic fault. No large‐scale faults are identified in the sedimentary cover above the Cambrian at the shallow centroid depth of these earthquakes. However, the seismic reflectors show phase discontinuous feature, indicating the existence of preexisting faults in the basement. A preexisting fault in the basement is consistent with a seismogenic fault that may have induced the two moderate earthquakes. Our study suggests that poroelastic stress propagation is likely responsible for the basement fault reactivation. The rupture on a stressed basement fault was triggered and produced two moderate earthquakes in a short period during hydraulic fracturing. The previous strategy of avoiding direct injection of fluids into preexisting faults to reduce seismic risk in operation region is not enough to avoid the possibility of the coupled poroelastic stress triggering deep fault rupture. We need to reevaluate the potential seismic risk of shale gas development in Weiyuan, the southern Sichuan basin shale gas field considering the preexisting faults in sedimentary and in basement and the effect of the fully coupled poroelastic stress field.