A formation evaluation system and method. A formation evaluation system includes an assembly interconnected as part of a tubular string and displaceable to multiple positions proximate each of multiple zones intersected by a wellbore. The assembly includes at least one formation evaluation instrument for determining a characteristic of formation fluid, and a pump which draws the fluid into the assembly. A method of evaluating multiple subterranean zones during a single trip into a wellbore includes the steps of: interconnecting a formation evaluation assembly in a coiled tubing string; for each of the multiple zones, displacing the formation evaluation assembly to a position proximate the respective zone, receiving formation fluid from the respective zone into the formation evaluation assembly, and determining at least one characteristic of the formation fluid; and performing the multiple displacing, receiving and determining steps during the single trip of the coiled tubing string into the wellbore.