Abstract：Hydrocarbon-bearing formation is actually a dual-phase medium. The theory of a single-phase uniform medium can hardly describe complex geophysical characteristics of seismic wave propagating in the dual-phase medium.The processing technique for reservoir physical parameters，based on dualphase medium theory，converts seismic data into seismic stress by using seismic and geological data，and taking joint iterative method. It is a new way of reservoir physical parameter estimation，and its result indicates the variations of geological structure and lithology more detailedly than others do.In recent years，the technique has been used and checked under different geological conditions of more than 20 land and offshore oil fields. It has been perfected gradually. Three typical examples are given here to show its advantage in coping with geological problems.
