Pulsed thermography has been proven to be a fast and effective method to detect fluid ingress in aircraft honeycomb structure; however, water and hydraulic oil may have similar appearance in the thermal image sequence. It is meaningful to identify what kind of liquid ingress it is for aircraft maintenance. In this study, honeycomb specimens with glass fiber and aluminum skin are injected different kinds of liquids: water and oil. Pulsed thermography is adopted; a recognition method is proposed to first get the reference curve by linear fitting the beginning of the logarithmic curve, and then an algorithm based on the thermal contrast between liquid and reference is used to recognize what kind of fluid it is by calculating their thermal properties. It is verified with the results of theory and the finite element simulation.