This study investigates the effects of aqueous solubility and aqueous molecular diffusion of gaseous components (CO2 and CH4) on the CO2 huff and puff process in the liquid-rich shale reservoirs. In a gas-condensate reservoir, the effects negligibly enhance the hydrocarbon production, but increase the CO2 storage with 4.4% by solubility trapping. In a shale oil reservoir, they increase the production and CO2 storage up to 5% and 14% by more CO2 imbibition and contacting between CO2 and oil. This study clarifies the importance of aqueous solubility and aqueous-phase molecular diffusion of CO2 huff and puff in shale reservoirs.