Analyzing the double logarithm curve characteristics of bottom hole pressure from CO2 injection well is an efficient method to evaluate the performance of CO2 miscible flooding in the low-permeability reservoirs. Strong stress sensitivity exists in the low-permeability reservoirs，which will affect the reliability of interpretation results. However，there is no report about well test model with the consideration of stress sensitivity. Based on the percolation theory of three-region composite reservoirs，physical model and well test model of CO2 miscible flooding considering the stress sensitivity were established to know the double logarithm curve characteristics of bottom hole pressure. The results present that the well test model curve of CO2 miscible flooding can be divided into five flow regions. The stress sensitivity makes the well test curve no longer follow the rule of 0.5M，and the well test curve will appear obvious upward trend in the late stage. The higher wellbore storage coefficient will cover the pure CO2 radial flow region. Mobility ratio and displacement front radius play an important role in the process of CO2 miscible flooding. This model was applied to the CO2 injection well. The displacement front radius and other relevant parameters in pure CO2 region and transition region can be accurately determined，and the interpretation accuracy of the relevant parameters of CO2 miscible flooding in the low-permeability reservoir may be improved.