By analyzing the relationship between seismic P-wave velocity, velocity ratio, and rock porosity and saturation in the Shanxi reservoir, the fluid substitution equation method based on the Gassmann equation was used to estimate the rock porosity and fluid diffusion rate in the reservoir's earthquake source region. The results show that the rock of the epicentral area is always close to the water-saturated state. The changes in P-wave velocity and the velocity ratio from decreasing to increasing reflect that the rock in the epicentral area changes from increasing porosity (decreasing saturation) to increasing saturation. The velocity ratio gradually increases from the minimum value to the maximum value because of the changes in rock conditions from unsaturated to saturated. Moreover, the fluid diffusivity of the Shanxi reservoir is 1.44×10⁴ cm² s^-1 to 0.84×10⁴ cm² s^-1, which is consistent with that of the South Carolina reservoir in the United States, the Acu reservoir in Brazil, and the Xinfengjiang reservoir in Guangdong, China. Further, the maximum rock porosity in the source area is 8.7%~2.0%, which is consistent with the average value of porosity of new rhyolite porphyries in the Shanxi reservoir dam site measured by the East China Investigation and Design Institute by lab testing of the physical and mechanical properties of the rock.