Abstract Seismic dispersion and fluid mobility attributes are used to characterize a volcanic gas reservoir in the Songliao Basin of China. A rock physics model is constructed to describe poroelastic behaviors associated with heterogeneous fluids saturation within the volcanic gas reservoirs, where velocity dispersion and attenuation of propagating waves are attributed to the wave-induced fluid flow described by the patchy saturation theory. Modeling results indicate that the frequency-dependent bulk modulus at the seismic frequency is more sensitive to gas saturation than the P-wave velocity dispersion. Accordingly, a new inversion method is developed to compute bulk-modulus-related dispersion attribute DK for improved characterization of volcanic gas reservoirs. Synthetic tests indicate that DK is more sensitive than traditional P-wave dispersion attribute DP to the variations of reservoir properties. The high value of dispersion attribute DK indicates the volcanic gas reservoirs with high porosity and gas saturation. At the same time, fluid mobility attribute FM can discriminate the volcanic gas reservoir as DK. Field data applications illustrate that DK and FM exhibit anomalies to the gas zones in the volcanic gas reservoir on the cross-well section. However, DK is more robust than FM to identify favorable zones on horizontal slices for specific target layers. Overall, rock physical modeling provides insights into the poroelastic behaviors of volcanic gas reservoirs, and inversion for seismic dispersion attribute DK improves hydrocarbon detection in the volcanic gas reservoir.