Temperature curves reflect geothermal gradients and local temperature anomalies, thus providing a new understanding of the underground reservoir conditions. When encountering caverns or fractures and fissures during drilling, lost circulation may occur and result in a change to the original formation temperature field, and in severe cases, even the conventional open hole well logging data cannot be obtained. This paper uses finite element analysis software COMSOL to establish a heat transfer model for the wellbore/reservoir formation system during drilling and shut-in in the presence of lost circulation, and a case study is made in a carbonate reservoir in the Tahe oilfield. On the basis of the above, we analyze the temperature distribution in the leakage zone, and the studies have shown that the leakage and petrophysical properties have an impact on the temperature of the wellbore and formation, hence we can estimate the reservoir permeability using the temperature data. In addition, the determination of the temperature recovery time after some drilling fluids have leaked into the formation will help in recognizing the subsurface temperature field of the carbonate formation correctly, thus enhancing production logging interpretation accuracy and improving the understanding of later measurements.