This study addresses the wavelength demodulation problem of the overlapping reflection spectrum of serial fiber Bragg gratings (FBGs) with nearly-identical wavelength. Specifically, a novel demodulation model for the overlapping reflection spectrum was presented based on spectrum similarity, and this model encodes FBGs through reflectivity. Subsequently, a weighted differential evolution algorithm was employed to calculate the FBG wavelengths. And the factors affecting the demodulation accuracy of the proposed method were simulated and analyzed. Finally, the proposed method was applied to demodulate the overlapping reflection spectra of serial FBGs. The experiment results indicate that the proposed method is suitable for completely overlapping, partially overlapping, and non-overlapping reflection spectra of serial FBGs. The wavelength demodulation accuracy demonstrated here in fully overlapping situations for two, three, and four FBGs was only 4.5, 14.9, and 24.6 pm, respectively.