The Pinghu Formation is a low permeability sandstone reservoir in the KQT Region, East China Sea. Its porosity ranges from 3.6 to 18.0%, and permeability is distributed from 0.5 to 251.19 mD. The relationship between porosity and permeability was poor due to strong heterogeneity. This led to the difficulty of quantitatively evaluating effective reservoirs and identifying pore fluids by using common methods. In this study, to effectively evaluate low permeability sandstones in the Pinghu Formation of KQT Region, pore structure was first characterized from nuclear magnetic resonance (NMR) logging based on piecewise function calibration (PFC) method. Effective formation classification criteria were established to indicate the “sweet spot”. Afterwards, several effective methods were proposed to calculate formation of petrophysical parameters, e.g., porosity, permeability, water saturation (Sw), irreducible water saturation (Swirr). Finally, two techniques, established based on the crossplots of mean value of apparent formation water resistivity (Rwam) versus variance of apparent formation water resistivity (Rwav)—Sw versus Swirr—were adopted to distinguish hydrocarbon-bearing formations from water saturated layers. Field applications in two different regions illustrated that the established methods and techniques were widely applicable. Computed petrophysical parameters matched well with core-derived results, and pore fluids were obviously identified. These methods were valuable in improving low permeability sandstone reservoirs characterization.