For reservoir fluids with strong volatile tendencies, such as gas condensate and volatile oil, the determination of the characteristic parameters of the equation of state has a great influence on the fluid phase behavior and subsequent reservoir engineering, production engineering, and surface facilities design calculations. However, the process of characterizing reservoir fluid lacks a unified and standardized procedure, and the methods are largely empirical and rather complicated. In this paper, three main stages are defined for the characterization of the equation of state parameters for these volatile reservoir fluids, including (1) determining the C7+ distribution, (2) calculating the equation of state parameters for the C7+ single-carbon component, and (3) lump components. The typical calculation methods in each step and their effects on the fluid phase behavior calculations are quantitatively analyzed and compared. Finally, the workflow and the suitable characterization methods for gas condensate and volatile oil phase behavior calculations are selected. The results show that C7+ distribution and C7+ single carbon component properties have a greater influence on the phase behavior prediction of condensate gas and volatile oil, while the lumping of C7+ single carbon component has relatively little influence.