Due to the variability of fluid properties and saturation of reservoirs, large differences in formation temperature and pressure, and the diversity of rock and mineral compositions, the petrophysical response of reservoirs is often complex. This study explored a new method of reservoir fluid identification and evaluation based on the complex resistivity response characteristics of sandstone reservoirs under different measurement conditions. The complex resistivity of the five sandstone samples was measured under normal temperature and pressure and variable pressure, temperature, and formation conditions and under different oil saturations. Furthermore, the reservoir was comprehensively analyzed and evaluated based on the mineral composition, porosity, and permeability parameters. The results show that the resistivity of the sandstone increases logarithmically with pressure and oil saturation but decreases logarithmically with temperature and depth. The polarizability decreases slightly with increasing pressure and increases slightly with increasing temperature. With increasing depth, the polarizability decreases obviously, and with increasing oil saturation, the polarizability decreases moderately. Under different measurement conditions, the complex resistivity data for the sandstone reservoir and the IP parameters extracted through inversion are regular. The results of this study provide a new method for the identification and evaluation of complex reservoir fluids and have important reference value.