The main components of the Ordovician carbonate reservoirs in the Tahe Oilfield are paleokarst fracture-cavity paleo-channel systems formed by karstification. Detailed characterization of these paleokarst reservoirs is challenging because of heterogeneities in characteristics and strong vertical and lateral non-uniformities. Traditional seismic analysis methods are not able to solve the identification problem of such strongly heterogeneous reservoirs. Recent developments in seismic interpretation have heightened the need to describe the fracture-cavity structure of a paleo-channel with more accuracy. We propose a new prediction model for fracture-cavity carbonate reservoirs based on spectral decomposition and a waveform cluster. By the Matching Pursuit decomposition algorithm, the single-frequency data volumes are obtained. The specific frequency data volume that is the most sensitive to the reservoir is chosen based on seismic synthesis traces of well-logging data and geological interpretability. The waveform cluster is then applied to delineate the complex paleokarst systems, particularly the fracture-caves in the runoff zone. This method was applied to the area around Well T615 in the Tahe oilfield, and a paleokarst fracture-cavity system with strong heterogeneity in the runoff zone was delineated and characterized. The findings of this research provide insights for predicting other similar karst systems, such as karstic groundwater and karst hydrogeological systems.