Hydrothermal dolomite paleokarst reservoir is a type of porous carbonate reservoir, which has a secondary porosity and can store a large amount of oil and gas underground. The reservoir is formed by magnesium-rich hydrothermal fluids during the karstification and later stages of the transformation. Due to the strong heterogeneity and thin thickness of hydrothermal dolomite paleokarst reservoirs, it is a real challenge to characterize the spatial distribution of the reservoirs. In this paper, we studied the hydrothermal dolomite paleokarst reservoir in the Wolonghe gasfield of the eastern Sichuan Basin. First, based on detailed observations of core samples, the characteristics and storage space types of the dolomite reservoir were described. Secondly, the petrophysical parameters of the paleokarst reservoirs were analyzed, and then the indicator factor for the dolomite reservoirs was established. Thirdly, using the time–depth conversion method, the geological characteristics near boreholes were connected with a three-dimensional (3D) seismic dataset. Several petrophysical parameters were predicted by prestack synchronous inversion technology, including the P-wave velocity, S-wave velocity, P-wave impedance, and the hydrothermal dolomite paleokarst reservoir indicator factor. Finally, the hydrothermal dolomite paleokarst reservoirs were quantitatively predicted, and their distribution model was built. The 3D geophysical characterization approach improves our understanding of hydrothermal dolomite paleokarst reservoirs, and can also be applied to other similar heterogeneous reservoirs.