Abstract: Using P? and S?wave data and well logs in Chepaizi area of Junggar basin, combined with the properties and characters of P?wave and converted wave, the observation system using converted wave for exploration is designed, and the high?quality multi?component seismic exploration data are obtained by negative offsets inversion of horizontal component, converted wave noise removal, static correction, CCP gathers stack, velocity analysis and time migration, etc. The interpretation results coincident with the drilling results are gained by P? and S?wave calibration and simultaneous inversion, synthetic seismographic record making, converted waveform identification, horizon correlation, attribute profile computing and seismic petrophysical property analysis, etc