Under the production of the gas condensate depletion, con-densate oil began to buildup at the bottomhole and gradually formed the high saturated region, led to the relative permeability and absolute permeability dropping, and the productivity of the gas condensate was influenced. The pseudopressure product in she equation of two phase fluid index of the oil and gas conden-
sate was divided into the product of the two integral functions, one product function related to the physics properties of the high pressure, the other production function related to the effective permeability. Based on the study of the paper, the pseudo ef-fective permeability with the transient pressure determined with test well data was presented, and obtained the real pseudopres-sure and IPR for the gas condensate well.