At present, depending only on the P wave inversion may result in multiple solutions in the exploration of oil and gas. Using the technology of the joint inversion of P wave and converted wave seismic data, it can effectively improve the shear wave impedance calculation accuracy and reliability of reservoir prediction. Due to the change of the reservoir lithology in Es1 of the Shahejie formation of Luojia area, it’s difficult to accurately predict reservoir and oil water distribution only through conventional P-wave prestacking inversion. However, based on the multi-wave and multi-component seismic exploration technology, and by means of the study of joint inversion, it can realize the joint calibration and compression matching of transformed S wave, as well as the fine structure interpretation,so as to construct the initial joint inversion model, and then, we can obtain the elastic parameters for reservoir prediction and description, such as the compressional and shear wave velocity ratio and the density. The application results show that the elastic parameters,and compressional and shear wave joint inversion can not only identify Es1 biolithite limestone reservoir variation, but also reflect the reservoir fluid distribution. Compared with the 85 wells in the study area, the result may coincide up to 85%.