Lower limits of petrophysical parameters (LLPP) of effective reservoirs are significant parameters for reserve evaluation and exploitation scheme formulation of hydrocarbon reservoirs. However, the existing LLPP determination method is not applicable to ultradeep carbonate reservoirs with diverse reservoir space and strong heterogeneity. Therefore, a systematic method for determining the LLPP of ultradeep carbonate gas reservoirs was developed in this study. First, the geological setting and reservoir characteristics were briefly introduced, and numerous cores were classified according to whether cavities and fractures were developed. Subsequently, the test data of petrophysical property, NMR, high-pressure mercury intrusion (HPMI), and fluid physical property were collected, and a series of LLPP values were obtained through static methods of cumulative frequency statistics, porosity–permeability relationship, irreducible water saturation, and minimum flowable pore throat radius (Rmin). The LLPP determined by static methods were then verified by dynamic methods of gas well testing, productivity model prediction, and productivity simulation experiment, and the LLPP of reservoirs that can form industrial gas flow were determined. Finally, the effect of reservoir heterogeneity on LLPP was revealed, the applicability of various LLPP determination methods were summarized, and the accuracy of the obtained LLPP was confirmed by well testing interpretations. The research results show that the reasonable classification of reservoir types is the prerequisite to accurately determine the LLPP of carbonate reservoirs. The lower limit of porosity is little affected by cavities, while the lower limit of permeability is greatly affected by fractures. Rmin of ultradeep carbonate reservoirs obtained by HPMI test and water film thickness calculation is approximately 60 nm. The significant heterogeneity of carbonate reservoirs requires that effective reservoirs should reach the lower limit of porosity and permeability simultaneously. LLPP determined through static methods and dynamic methods can be applied to evaluate geological and dynamic reserves, respectively. The LLPP of effective reservoirs that allow gas to accumulate, migrate, and form industrial gas production are 2.68% and 0.042 mD.