A novel experimental procedure was proposed to investigate the phase behavior of a solvent mixture (SM) (64 mol% CH4, 8 mol% CO2, and 28 mol% C3H8) with heavy oil. Then, a theoretical methodology was employed to estimate the phase behavior of the heavy oil–solvent mixture (HO–SM) systems with various mole fractions of SM. The experimental results show that as the mole fraction of SM increases, the saturation pressures and swelling factors of the HO–SM systems considerably increase, and the viscosities and densities of the HO–SM systems decrease. The heavy oil is upgraded in situ via asphaltene precipitation and SM dissolution. Therefore, the solvent-enriched oil phase at the top layer of reservoirs can easily be produced from the reservoir. The aforementioned results indicate that the SM has promising application potential for enhanced heavy oil recovery via solvent-based processes. The theoretical methodology can accurately predict the saturation pressures, swelling factors, and densities of HO–SM systems with various mole fractions of SM, with average error percentages of 1.77% for saturation pressures, 0.07% for swelling factors, and 0.07% for densities.