Deepwater, HTHP and narrow pressure-margin well depend on accurate, real-time knowledge of down hole hydraulics in order to their objectives safely and economically. A comprehensive methodology of calculating hydraulic parameters on the basis of logging data was formulated. It can conduct a real-time calculating and monitoring hydraulic parameters using logging data in the process of drilling. First, according to the problem of non-unified data units and the mode of data sharing, transmission during the well logging data transmission, an integrated new well site software module was developed, which combined the functions of data acquisition, transportation and simulation. This module puts the variability of the well logging equipment, complicity of I/O ports, and specialty of transmission protocol outside the real-time computation module which is efficient and simple. Second, a real-time hydraulic calculation method was established, in which the influence of drilling pipes rotation and annular eccentricity were taken into account. In order to improve the calculation precision, the flow channel both in pipe and annuli was divided into several sections, through which the different diameters of the channels were considered. And in each section the variation of ESD caused by HTHP was considered too. A series of system software for hydraulics calculating and monitoring were developed, which include all common hydraulic model (Herschel-Bulkely, Robertson-Stiff, Four-parameter model and so on). We can not only use this system to calculate hydraulic parameters of bottom hole but also any other position both in annuli and pipe. The application of this system in the Tarim Basin and the Junggar Basin in Xinjiang Uygur Autonomous Region of China shows the system can exactly monitoring hydraulic parameters and runs smoothly with convenient operation. Therefore it can be seen this system can be applied to provide more convenient, fast and precise hydraulics parameters monitoring while drilling.