The fractured well pattern productivity study is of great significance to optimization and development adjustment in the high water cut stage. Due to the heterogeneity of the reservoir，the remaining oil distribution in the high water cut stage is uneven. According to the streamline distribution characteristics of five-spot well pattern，injection-production units for the five-spot well pattern were divided into 4 injection-production areas，and each area was subdivided into several calculating units. Considering the uneven distribution of the remaining oil，the dynamic productivity prediction method for each calculating unit was proposed by using streamline integral method，material balance principle and steady-state sequential replacement method，and the productivity of five-sport well pattern was further calculated by summarizing the productivity of each calculating unit. The accuracy of the method was verified by comparing with the actual production data with the relative error of less than 5%，which meets the demands of the field. The influences of reservoir coefficient，reservoir heterogeneity，dimensionless fracture conductivity，fracture penetration ratio and remaining oil saturation at early fracturing stage were analyzed. The results show that a better reservoir coefficient and a higher remaining oil saturation lead to the higher productivity. The reservoir coefficient and remaining oil saturation in the fracture control area have great influences on the productivity at initial stage after fractured. The productivity increases with the increase of the dimensionless fracture conductivity and penetration ratio，but the effect of the dimensionless fracture conductivity on the productivity decreases with the increase of the dimensionless fracture conductivity.