The paper reports the results of a comparative analysis of the chemical and isotope composition (δ180 and δD) of mud volcanic waters and formation waters from oil and gas fields. Studies show that the waters discharged by mud volcanoes in most cases are very similar to formation waters. The most characteristic geochemical traits of both waters are elevated concentrations of hydrocarbonate ions, iodine, boron, bromine, and a low content of sulfate ions.