The segmented multi-cluster fractured horizontal well is one of the effective measures to develop ultra-low permeability reservoir. Based on the typical ultra-low permeability reservoir in Ordos Basin, the HP-34-22 well is selected and its fracture and segmented perforating parameters were optimized. The numerical simulation model of HP-34-22 well was built and its fractures were realized by local grid refinement (LGR).With this model factors influencing productivity effect of segmented multi-cluster fractured horizontal well were analyzed, which contain stress sensitivity, fracture half-length, fracture conductivity, permeability of stimulated region and un-stimulated region and oil production rate. The results of this study show that when the reservoir is developed by natural depletion, the influence of these factors is more significant compared with that of water flooding. Stress sensitivity is detrimental to productivity. Fracture half-length and fracture conductivity is beneficial to productivity, but considering the benefits, costs and the difficulty of measures, they have reasonable value range as well as oil production rate. The productivity improvement by further enhancing the permeability of stimulated region is limited, while it’s remarkable by enhancing the permeability of un-stimulated region. There are five flow stages for segmented multi-cluster fractured horizontal well in bounded reservoir.