According to the traditional Induced Polarization (IP) logging method, the IP relaxation time spectrum can give much more information about a reservoir, such as the pore structure, permeability, formation water resistivity, and shaliness. In this paper, the Singular Value Decomposition (SVD) algorithm is used to inverse the IP multi-relaxation data of the rock samples. The appropriate number of relaxation arrangement points in the relaxation data inversion is from 32 to 64. All of the relaxation spectra show a multi-peak shape. IP decay curve measurements have been performed on 30 samples from the Daqing Oil Field using the four-electrode technique. The effects of charging current, charging and discharging time, brine salinity, and water saturation on the relaxation spectra of the rock were analyzed qualitatively, so that we could develop a new IP spectra logging tool that could be used successfully in practice. When we discussed the effect of one parameter on the relaxation time spectra, the others remained fixed. The results show that the relaxation spectrum relates with the charging time, discharging time, and depends strongly on water saturation. The salinity of NaCl brine and the charging current density are shown to have a small influence on the relaxation spectra in the special ranges.