A method of developing a petroleum reservoir from a reservoir model and optimized history matching is disclosed having application for petroleum reservoir characterization. A global objective function measuring the differences between the measured historical data and the simulated historical data is defined according to M parameters. The global objective function is then decomposed into a sum of k local objective functions. Each local objective function measures the differences on a geographic region from mk parameters, selected from among the M parameters, and having a significant impact on the historical data of the region. The region is determined by minimizing this number mk of parameters. The model is then modified by minimizing the global objective function by a gradient method wherein the derivatives of the local objective functions are estimated by means of a parameter perturbation technique. For each local objective function, the perturbation matrix has a rank equal to the number of parameters mk of the local objective function. Finally, the calibrated model is used to develop the reservoir.