The complex lithology, frequent interbedding and strong heterogeneity of the shale oil reservoir in Lucaogou Formation of the Middle Permian in Jimsar Sag lead to the complexity of litho‐electric parameters and the low accuracy of conventional reservoir saturation evaluation methods. Therefore, in this paper, automatic lithologic identification was firstly performed with the optimization inversion method of mineral components and K‐means clustering algorithm, and then, litho‐electric experiments were carried out to determine the litho‐electric parameters of different lithologies. Furthermore, the shale oil reservoir saturation calculation models of different lithologies were optimized and determined. Then, a composite water saturation model (Composite‐SW) based on complex lithology identification was constructed. Finally, the model was verified and analysed with the experimental results of water saturation. The coefficient of correlation between the calculation results of the Composite‐SW model and the core experiment results reached .88, indicating that the model was much better than conventional models. The model can be widely applied in logging evaluation of the continental mixed shale oil reservoir in the study area. The study provides a new idea for oil saturation evaluation of continental shale oil reservoirs and is significant for evaluating other types of shale oil reservoirs.