The considerable depth and complicated structure of the Tahe Oilfield in the Tuofutai area of China make it very difficult to delineate its Ordovician carbonate fracture-cavity reservoir. The resolution of conventional ground seismic data is inadequate to satisfy current exploitation requirements. To further improve the understanding of the carbonate fracture-cavity reservoir of the Tahe Oilfield and to provide predictions of reservoir properties that are more accurate, a walkaround 3D-3C vertical seismic profiling (VSP) survey was conducted. First, we preprocessed raw VSP data and developed a method of joint PP- and PSV-wave prestack time migration. In contrast to ground seismic imaging profiles, VSP imaging profiles have a higher resolution and wider spectrum range that provide more detailed strata information. Then, using the joint PP- and PSV-wave prestack inversion method, we obtained the PP- and PSV-wave impedance and Poisson's ratio parameters of the Ordovician carbonate reservoir. Compared with the P-wave impedance of the ground seismic inversion, we found the VSP inversion results had higher accuracy, which enabled clearer identification of the internal characteristics of the carbonate reservoir. Finally, coupled with the Poisson's ratio attribute, we predicted the distribution of favorable reservoirs and interwell connectivity. The prediction results were verified using both logging and production data. The findings of this study demonstrate the applicability of the proposed technical method for the exploration of deep carbonate fracture-cavity reservoirs.