The invention relates to a multi-parameter logging method while drilling based on a controllable neutron source, which includes the steps of utilizing a multi-detector measuring system consisting of the D-T controllable neutron source, two thermal neutrons and two gamma detectors, sufficiently utilizing fast neutrons transmitted by the controllable neutron source to militate with atomic nucleuses of formation elements by means of special pulse and measuring timing sequence design, recording gamma energy spectrums, gamma time spectrums and thermal neutron time spectrums at different positions, and performing simultaneous measurement of multiple parameters such as formation density, formation porosity, formation fluid saturation, formation element content and the like with a nuclear logging instrument in a drilling process by means of different spectral resolution and data processing, so that valuation on formation lithology, formation porosity and formation fluid saturation while drilling are realized, the same parameter of the formation porosity and the formation fluid saturation can be measured by various methods, logging interpretation ambiguity is decreased, and accuracy and reliability of logging data interpretation are enhanced.