BZ25-1 oilfield is located in the southeast of Bohai bay which geographically lies between 119°00′ to 119°15′ east longitude and 38°10′ to 38°20′ north latitude. It has two oil blocks, including Shahejie (SHJ) waxy oil and Minghuazhen (MHZ) heavy oil, with six wellhead platforms WHPA∼WHPF and six submarine pipelines. Therein, the WHPC-WHPB and WHPB-SPM (Single Point Mooring) pipelines transport the mixture of the two produced crude oils. However, the mixing of the two oils will certainly bring out a change in their components and properties, which directly affects the safe operation of the submarine pipelines and offshore production facilities. Therefore, this paper compounds three kinds of MHZ/SHJ mixed oils with blending ratios of 1:1, 3:1 and 9:1, mainly studies how the components, rheological and thermophysical properties of the oil mixtures change with the blending ratio. The major objective of this study is to evaluate the compatibility of the two crude oils and provide a theoretical basis for the production optimization and risk elusion of the oilfield. The results of the study show that the components and properties of SHJ crude oil are quite different from those of MHZ oil, the flow behavior of SHJ oil is more sensitive to temperature. As MHZ oil in the compounds increases, the contents of asphaltene, resin, sulfur and carbon residue will increase except wax contents, their viscosities, densities and flash points will also increase, but their pour points, yield stresses, calorific values and other major thermophysical parameters will decrease. A blending ratio of 2∼7:1 for MHZ to SHJ crude oil can be concluded to make the properties of the compounds meet the safe and economic requirements of the subsea pipeline and offshore facility operations and ensure the compatibility of the mixed oils. In actuality, the field operations have confirmed that the recommended blending ratio is reasonable and practicable.