In this paper, a new predictive model based on Gaussian process regression (GPR) that does not require iterative tuning of user-defined model parameters has been proposed to determine reservoir porosity and permeability. For this purpose, the capability of GPR was appraised statistically for predicting porosity and permeability of the southern basin of the South Yellow Sea using petrophysical well log data. Generally, the performance of GPR is deeply reliant on the type covariance function utilized. Therefore, to obtain the optimal GPR model, five different kernel functions were tested. The resulting optimal GPR model consisted of the exponential covariance function, which produced the highest correlation coefficient (R) of 0.85 and the least root mean square error (RMSE) of 0.037 and 6.47 for porosity and permeability, respectively. Comparison was further made with benchmark methods involving a back propagation neural network (BPNN), generalized regression neural network (GRNN), and radial basis function neural network (RBFNN). The statistical findings revealed that the proposed GPR is a powerful technique and can be used as a supplement to the widely used artificial neural network methods. In terms of computational speed, the GPR technique was computationally faster than the BPNN, GRNN, and RBFNN methods in estimating reservoir porosity and permeability.