While geophysical reservoir characterization has been an area of research for the last three decades, geophysical reservoir monitoring, time-lapse studies, have recently become an important geophysical application. Generally speaking, the main target is to detect, estimate, and discriminate the changes in subsurface rock properties due to production. This research develops various sensitivity and feasibility analyses to investigate the effects of production-induced time-lapse changes on geophysical measurements including seismic and controlled-source electromagnetic (CSEM) data. For doing so, a realistic reservoir model is numerically simulated based on a prograding near-shore sandstone reservoir. To account for the spatial distribution of petrophysical properties, an effective porosity model is first simulated by Gaussian geostatistics. Dispersed clay and dual water models are then efficiently combined with other well-known theoretical and experimental petrophysical correlations to consistently simulate reservoir model parameters. Next, the constructed reservoir model is subjected to numerical simulation of multi-phase fluid flow to replicate a waterflooding scenario of a black oil reservoir and to predict the spatial distributions of fluid pressure and saturation. A modified Archie’s equation for shaly sandstones is utilized to simulate rock resistivity. Finally, a geologically consistent stress-sensitive rock physics model, combined with the modified Gassmann theory for shaly sandstones, is utilized to simulate seismic elastic parameters. As a result, the comprehensive petro-electro-elastic model developed in this dissertation can be efficiently utilized in sensitivity and feasibility analyses of seismic/CSEM data with respect to petrophysical properties and, ultimately, applied to reservoir characterization and monitoring research. Using the resistivity models, a base and two monitor time-lapse CSEM surveys are simulated via accurate numerical algorithms. 2.5D CSEM modeling demonstrates that a detectable time-lapse signal after 5 years and a strong time-lapse signal after 10 years of waterflooding are attainable with the careful application of currently available CSEM technology. To simulate seismic waves, I employ different seismic modeling algorithms, one-dimensional (1D) acoustic and elastic ray tracing, 1D full elastic reflectivity, 2D split-step Fourier plane-wave (SFPW), and 2D stagger grid explicit finite difference (FD). My analyses demonstrate that acoustic modeling of an elastic medium is a good approximation up to ray parameter (p) equal to 0.2 sec/km. However, at p=0.3 sec/km, differences between elastic and acoustic wave propagation is the more dominant effect compared to internal multiples. Here, converted waves are also generated with significant amplitudes compared to primaries and internal multiples. I also show that time-lapse modeling of the reservoir using SFPW approach is very fast compared to FD, 100 times faster for my case here. It is capable of handling higher frequencies than FD. It provides an accurate image of the waterflooding process comparable to FD. Consequently, it is a powerful alternative for time-lapse seismic modeling. I conclude that both seismic and CSEM data have adequate but different sensitivities to changes in reservoir properties and therefore have the potential to quantitatively map production-induced time-lapse changes. / text