We present an approach for the simultaneous estimation of permeability and porosity from time-lapse seismic, time-lapse electromagnetic, and production data. Permeability and porosity are some of the most important parameters for reservoir characterization because of their significant influence over oil recovery. Both permeability and porosity has a big footprint on the distribution of saturation and pressure in the reservoir during production, which can be snapshot by the time-lapse seismic and time-lapse electromagnetic measurements. Production data is the traditional source used for reservoir model conditioning but only provides limited constraint to the reservoir model that is very localized to the near-wellbore regions. In contrast, time-lapse seismic and time-lapse electromagnetic can impose additional constraints to the reservoir model conditioning problem covering the inter-well regions. We have developed a reservoir centric workflow to allow jointly invert these multiphysical data. The non-uniqueness of this inverse problem is hence effectively reduced. We use a synthetic case to demonstrate that the proposed approach can significantly improve the estimation of permeability and porosity as well as the fluid-front movement monitoring.