Abstract: In the process of oil and gas exploration, it is required to timely and effectively discover and evaluate the oil and gas display layer in the process of drilling. Under the influence of many factors such as sedimentary conditions and diagenesis, the relationship between reservoir electrical properties and oil-bearing properties of Paleogene Enping Formation and Wenchang Formation in Lufeng Sag of Pearl River Mouth Basin is complex, and low-porosity, low-permeability and low-contrast reservoirs are generally developed. In order to solve the problem of using conventional logging and well logging technology to evaluate the low-contrast reservoirs of Enping Formation and Wenchang Formation in Lufeng Sag, based on the reservoir characteristics of Paleogene Enping Formation and Wenchang Formation in Lufeng Sag and the advantages of each single logging technology, this paper establishes the FLAIR interpretation and evaluation standards and the geochemical derivative parameter chart in source rocks by optimizing the combination series of logging technology, which achieves the purpose of timely and accurate interpretation and evaluation of low-contrast reservoirs during drilling. The effect of evaluation while drilling is consistent with the result of sampling and testing after drilling. The practice shows that the combination series of FLAIR real-time formation fluid logging technology and geochemical logging technology effectively improves the coincidence rate of comprehensive interpretation while drilling in Lufeng Sag, and has certain significance for improving the exploration benefit of Lufeng Sag.