The multi-thermal fluid process is a new technology that was generated for the development of offshore heavy oil. It has achieved remarkable results in the development of Bohai Oilfield. However, the mechanism of enhanced oil recovery still requires further discussion. Based on the physical similarity criterion, a physical simulation experimental device was independently designed to execute laboratory experiments on different thermal recovery methods (hot water, steam, and multi-thermal fluid), after which the contents of the four components of developed heavy oil were measured and analyzed. The results of the physical simulation experiments indicated that: (1) Thermal viscosity reduction and thermal expansion are the principle mechanisms of hot water flooding; (2) Thermal viscosity reduction and steam distillation are the principle mechanisms of steam flooding, which are accompanied by a certain degree of aquathermal cracking reaction between heavy oil and steam; and (3) thermal viscosity reduction and aquathermal cracking reaction are the principle mechanisms of multi-thermal fluid flooding. Due to the synergistic effect of nitrogen and carbon dioxide, the effect of viscosity reduction by the dissolution effect and gas-water hybrid drive must also be considered. The analysis results of the four components of developed heavy oil by the different thermal recovery methods indicated that the multi-thermal fluid changed the balance of the aromatics-asphaltene-resin regime and strengthened the development degree of the asphaltene component in heavy oil, thereby improving oil recovery through the thermal/physical/chemical mechanism. (C) 2018 Elsevier Ltd. All rights reserved.