Joint inversion of seismic amplitude and frequency information for fluid discrimination works as a popular approach for reservoir fluid identification. However, ignorance of the factor caused by fluid flow and the viscosity of oil and gas in current frequency-dependent inversion approaches leads to the inaccuracy of oil and gas prediction. Therefore, based on squirt flow and viscoelastic theory, a new frequency-dependent viscoelastic squirt-flow fluid factor is established, which is compared with other conventional fluid factors to verify its advantages in fluid detection. In addition, a new linearized reflectivity equation related to frequency-dependent viscoelastic squirt-flow fluid factor is derived. Finally, to verify the feasibility of the new fluid factor in predicting oil/gas, a frequency-dependent elastic impedance inversion method is introduced. Synthetic data and field data examples find that frequency-dependent viscoelastic squirt-flow fluid factor can eliminate the interference of “false bright spots” in conventional fluid factors inversion and has a higher vertical resolution, which demonstrated the effectiveness and stability of our method in fluid prediction.