Combined with oil test data and physical property data, and taking Huanghekou Sag as an example, this paper studies the relationship between reservoir physical property and production fluid. According to the limit value, the reservoirs are divided into valid reservoirs and invalid reservoirs. Based on the valid reservoir classification, the relationship of physical property and production capacity is built. The mid-deep reservoirs of Huanghekou Sag are divided into four types. The first type is the best reservoir and the fourth type is the reservoir almost without industrial value. This stady can provide the scientific basis for reasonably and effectively evaluating the distribution zone of favorable reservoir.