A fast probabilistic inversion method for 3D petrophysical property prediction from inverted prestack seismic data has been developed and tested on a real data set. The inversion objective is to estimate the joint probability density function (PDF) of model vectors consisting of porosity, clay content, and water saturation components at each point in the reservoir, from data vectors with compressional- and shear-wave-impedance components that are obtained from the inversion of seismic data. The proposed inversion method is based on mixture density network (MDN), which is trained by a given set of training samples, and provides an estimate of the joint posterior PDF’s of the model parameters for any given data point. This method is much more time and memory efficient than conventional nonlinear inversion methods. The training data set is constructed using nonlinear petrophysical forward relations and includes different sources of uncertainty in the inverse problem such as variations in effective pressure, bulk modulus and density of hydrocarbon, and random noise in recorded data. Results showed that the standard deviations of all model parameters were reduced after inversion, which shows that the inversion process provides information about all parameters. The reduction of uncertainty in water saturation was smaller than that for porosity or clay content; nevertheless the maximum of the a posteriori (MAP) of model PDF clearly showed the boundary between brine saturated and oil saturated rocks at wellbores. The MAP estimates of different model parameters show the lateral and vertical continuity of these boundaries. Errors in the MAP estimate of different model parameters can be reduced using more accurate petrophysical forward relations. This fast, probabilistic, nonlinear inversion method can be applied to invert large seismic cubes for petrophysical parameters on a standard desktop computer.