Underwater alluvial fan side and fan delta front subfacies are the main effective reservoirs ofMoliqing Rift. Moliqing Rift has the characteristics ofwell developed superimposed fan bodies, rapid variation of sand body space and complex relations among oil, gas and water, so reservoir and fluid identification is the bottleneck problemof the oil and gas exploration in this area. The early seismic reservoir prediction mainly uses seismic attribute analysis technique which is not enough to resolve the complex geologic problems in this area. Based on the reservoir sensitive parameter analysis, post-stack impedance inversion is applied to distinguish lithologies, pre-stack inversion is used to identify effective reservoir, and AVOanalysis is adopted to predict fluid medium. And good results are achieved.