Abstract: The Liaoxi sag is the main oil source area in Liaohe Depression. With the improvement of prospecting level, the exploration becomes more difficult. Accordingly, there is an increasing exploration demand for lithologic reservoirs under the slope-break belt of Yuanyanggou and Qingshui sub-sags in Liaoxi sag recently. The oil-gas exploration method based on two-phase media theory is adopted to extract the energy and frequency components of seismic waves by the characteristics of analysis on time frequency of wavelet transformation. With the sample learning of spectrum characteristics of exploratory wells, the paper summarizes the spectrum features of high-yield and oil-free wells, predicts the oil-gas enrichment degree in exploration risk areas, combined with geophysical inversion technique, and then defines the potential areas for further exploration of lithologic traps to reduce risk.