The invention is a method, having applications for the development of reservoirs, for predicting the production of an underground reservoir, comprising generating and updating a parameterized geologic model from production data and seismic data and in particular 4D seismic data which may be used in development of oil reservoirs. According to the method, production data are simulated from the geologic model and a flow simulator, and a petro-elastic depth model is deduced therefrom. A depth/time conversion model is then defined, by means of which the petro-elastic model is converted into time. The model is adjusted by correcting the lag induced by the depth/time conversion and by recalibrating the model. The geologic model is optimized by comparing, through an objective function, the real measurements with the simulation responses (production responses and seismic attributes in time) by updating in particular the depth/time conversion model.