Seismic campaigns for exploring geothermal systems aim at detecting permeable formations in the subsurface and evaluating the energy state of the pore fluids. High‐enthalpy geothermal resources are known to contain fluids ranging from liquid water up to liquid‐vapor mixtures in regions where boiling occurs and, ultimately, to vapor‐dominated fluids, for instance, if hot parts of the reservoir get depressurized during production. In this study, we implement the properties of single‐ and two‐phase fluids into a numerical poroelastic model to compute frequency‐dependent seismic velocities and attenuation factors of a fractured rock as a function of fluid state. Fluid properties are computed while considering that thermodynamic interaction between the fluid phases takes place. This leads to frequency‐dependent fluid properties and fluid internal attenuation. As shown in a first example, if the fluid contains very small amounts of vapor, fluid internal attenuation is of similar magnitude as attenuation in fractured rock due to other mechanisms. In a second example, seismic properties of a fractured geothermal reservoir with spatially varying fluid properties are calculated. Using the resulting seismic properties as an input model, the seismic response of the reservoir is then computed while the hydrothermal structure is assumed to vary over time. The resulting seismograms demonstrate that anomalies in the seismic response due to fluid state variability are small compared to variations caused by geological background heterogeneity. However, the hydrothermal structure in the reservoir can be delineated from amplitude anomalies when the variations due to geology can be ruled out such as in time‐lapse experiments.