The Hongche fault zone, located in the western margin of the Junggar Basin, contains a significant amount of volcanic rock oil and gas reservoirs with a vast reserve of oil. However, the identification of high-quality reservoirs in these volcanic reservoirs is a challenge due to their structural complexity, lithological diversity and strong heterogeneity controlled by faults, facies zones and lithology. In order to better identify the high-quality reservoirs, the study was conducted to analyze the dominant lithology and logging response characteristics of different lithologies in the study area based on rock slice, logging, seismic, and other data. A combined lithology identification plate was established to facilitate better identification of high-quality reservoirs and the lithology of the target interval using the multi-parameter distribution intersection method, which includes density-gamma, density-resistivity/gamma, and resistivity-gamma/density. Seismic facies, logging facies, lithological characteristics, oil test results, and other relevant data were analyzed to define the volcanic facies, reservoir-cap combination, and reservoir distribution characteristics in the study area. Based on the seismic reflection structure and reflection characteristics, the typical seismic facies characteristics of the study area were identified. The advantages of seismic texture attributes and instantaneous phase cosine attributes in lithological characterization and boundary analysis were fully utilized through petrophysical and sensitive parameter analysis, and seismic waveform phased inversion was used to improve the vertical resolution of reservoir identification while considering the lateral prediction ability. The favorable distribution range of favorable reservoirs was finally determined by comprehensively using seismic multi-attribute analysis, waveform phased inversion, and slicing technology along layers and by analyzing seismic plane-profile results and favorable reservoirs on the well. The results provide support for the implementation of the favorable accumulation zone of volcanic reservoir oil and gas in the Hongche fault zone of the Junggar Basin.