Abstract: Heavy oil has high density and viscosity, and exhibits viscoelasticity. Gassmann's theory is not suitable for materials saturated with viscoelastic fluids. Directly applying such model leads to unreliable results for seismic inversion of heavy oil reservoir. To describe the viscoelastic behavior of heavy oil, we modeled the elastic properties of heavy oil with varying viscosity and frequency using the Cole-Cole-Maxwell (CCM) model. Then, we used a CCoherent Potential Approximation (CPA) instead of the Gassmann equations to account for the fluid effect, by extending the single-phase fluid condition to two-phase fluid (heavy oil and water) condition, so that partial saturation of heavy oil can be considered. This rock physics model establishes the relationship between the elastic modulus of reservoir rock and viscosity, frequency and saturation. The viscosity of the heavy oil and the elastic moduli and porosity of typical reservoir rock samples were measured in laboratory, which were used for calibration of the rock physics model. The well-calibrated frequency-variant CPA model was applied to the prediction of the P- and S-wave velocities in the seismic frequency range (1–100 Hz) and the inversion of petrophysical parameters for a heavy oil reservoir. The pre-stack inversion results of elastic parameters are improved compared with those results using the CPA model in the sonic logging frequency (∼10 kHz), or conventional rock physics model such as the Xu-Payne model. In addition, the inversion of the porosity of the reservoir was conducted with the simulated annealing method, and the result fits reasonably well with the logging curve and depicts the location of the heavy oil reservoir on the time slice. The application of the laboratory-calibrated CPA model provides better results with the velocity dispersion correction, suggesting the important role of accurate frequency dependent rock physics models in the seismic prediction of heavy oil reservoirs.