Changqing saturated dissolved gas oil is selected as the research object in this paper. Based on the study of basic physical properties (density and wax crystal precipitation properties) of Changqing degassed crude oil, dissolved air features (dissolved gas composition and solubility) and rheological properties (viscosity) of Changqing live oil, the existing models of solubility and viscosity of the saturated live oil is improved to obtain the new models above which is applied to Changqing oilfield. Based on McCaln solubility model, the wax crystal precipitation parameter is added into this model. Based on Chew-Connaly viscosity model, the new Chew-Connaly model is established by drawing the viscosity model of degassed crude oil in, which is formed without considering the viscosity of degassed crude oil. By comparing the experiment results with the prediction results of the models, it shows that the new viscosity and solubility models of saturated live oil has high precision and can meet the demand of oilfield engineering.