Abstract：The movable fluid testing was carried out in 38 glutenite cores of ultra-low permeability reservoir using nuclear magnetic resonance technique. These cores are from Tenger III and Arxan formations of Uliastai Oilfield. Testing results were compared with cores of general sandstone reservoirs, and the correlations with the percentage parameter of moveable fluid and permeability and oil-displacement efficiency were analyzed. Ultra-low permeability glutenite reservoir is shown to have a low content of moveable fluid and strong heterogeneity. The characteristics of NMR are different in some extent from those of general ultra-low permeability sandstone reservoirs, with more mono peaks and a larger value of cutoff T2. The percentage parameter of moveable fluid is related to formation permeability to some degree, and the relation becomes better as the permeability increases. The average content of moveable fluid increases as the permeability increases for different formations. The oil-displacement efficiency becomes higher with increase of the percentage parameter of moveable fluid. Low content of moveable fluid is the major factor which negatively affects the exploitation of ultra-low permeability formation. The percentage parameter of moveable fluid can be used to predict the result of exploitation of ultra-low permeability formation.