Wenchang A oilfield is a recently discovered low-permeability oilfield in the western South China Sea. The exploration target is the Zhuhai Formation, which reservoir lithology changes significantly, and the distribution of favorable reservoirs is unclear. In this study, the reservoir characteristics of the Zhuhai Formation in the Wenchang A oilfield, South China Sea, were analyzed through core identification, thin section identification, physical property testing, pre-stack geostatistical inversion, and frequency-based AVO inversion. Pre-stack geostatistical inversion is based on geostatistics and combines the seismic inversion algorithm with the stochastic sequential simulation algorithm. While the frequency-varying AVO inversion method is an extension of the conventional AVO inversion method, with its core technology being spectrum decomposition. After frequency division, multiple data sets directly participate in the calculation, which enhances the stability and accuracy of inversion.We also predict the favorable reservoir areas of six small layers in the Zhuhai Formation. The results show that 1) the reservoir lithology of the Zhuhai Formation mainly consists of feldspar quartz sandstone and feldspar quartz sandstone, indicating high compositional maturity. The porosity of the reservoir ranges from 14.0% to 19.0%, with an average value of 16.3%. The permeability of the reservoir ranges from 3.1 mD to 126.1 mD, with an average value of 22.4 mD, indicating a medium porosity and low permeability reservoir. The supporting structure of a sandstone reservoir is particle-supported, with the main contact being the “point-line” contact between particles. The main types of pores in sandstone are primary intergranular pores and secondary intergranular dissolved pores. Some pores are feldspar-dissolved pores, and occasionally there are hetero-based micropore. 2) The diagenesis of the Zhuhai Formation reservoir mainly includes compaction, cementation, and dissolution. Cementation and dissolution have minimal impact on the physical properties of reservoirs. The porosity loss of the reservoir after compaction ranges between 16.0% and 27.9%, and the compaction rate ranges between 40.0% and 69.8%, indicating a medium compaction diagenetic facies. 3) The favorable areas of each layer of the Zhuhai Formation are mainly concentrated in the southwest of the study area. The upper layer of ZH1I, the upper layer of ZH1II and the lower layer of ZH1II exhibit the best physical properties, the thickest favorable sand body, the strongest oil and gas display, the widest range of favorable areas, and the greatest exploration potential. The favorable exploration potential of layer 1 in the lower part of ZH1I and layer 2 in the upper part of ZH1II is moderate. The second layer in the lower part of ZH1II has the poorest properties and lower exploration potential. The main factors affecting the favorable area include physical properties, oil and gas display, sand body thickness, etc.