For porous medium containing multiphase fluid, such as oil-wetted porous medium with oil–water dual phase fluid, its fluid interface will also produce electric double layer (EDL), which will play a role in the seismoelectric effects. At this time, the principle of seismoelectric effects is more complex. The existing theory for the seismoelectric effects is the Pride theory used in the water-saturated porous formation, which cannot meet the actual needs of the theoretical research of seismoelectric exploration in the porous formation with multiphase fluid. Carbonate porous formations are often oil-wetted; therefore, it is necessary to study the electrokinetic effects of oil-wetted porous medium containing multiphase fluid. In this paper, we treated the oil–water mixture as an effective fluid, and solved the effective elastic parameters and extended the Biot equations to the case of oil-wetted porous medium with oil–water dual phase fluid. We calculated the effective electromagnetic parameters and derived the macroscopic coupling equations of seismoelectric effects and electroseismic effects, and proposed the new electrokinetic coupling coefficients of the oil-wetted porous medium with dual phase fluid. We also deduced the coupling functions of electric and magnetic fields relative to the solid displacement in the homogeneous porous medium, and studied the polarization characteristics of the electric field. We use the derived coupling equations to simulate the seismoelectric logging while drilling in the model of oil-wetted porous formation with dual phase fluid under the excitation of multipole sources. The influence of drill collar wave on the acoustic field and electric field under the excitation of different sources was investigated, which has a certain guiding role in the selection of electrokinetic logging tools.