Abstract: The fractured reservoir we studied includes matrix，natural fracture and hydraulic fracture and according to the flow characteristic in these system after fracturing，this paper establishes the triplemedium，threedimension，oilwater twophase flow numerical simulation model，taking into consideration the highspeed nonDarcy，the threshold pressure gradient，capillary pressure and also gravitation effect，and then obtains the numeric solution.Using the selfdeveloped low permeable fractured reservoir production performance simulator for horizontal wells，it also comprehensively analyzes the effect of the production performance leading by fracture and reservoir parameters.The analysis of simulation results show that many factors have remarkable effect on the production performance，such as the threshold pressure gradient in matrix，the conductivity decreasing over time in the hydraulic fracture，highspeed nonDarcy coefficient，the permeability of natural fracture，the fracture number and also length.For accurately evaluate the effect of fracturing in this kind of reservoir，we should pay more attention to these factors in dynamic simulation.

Key words: numerical simulation, production performance, created fracture, highspeed nonDarcy, threshold pressure gradient 