The research on the production capacity of gas wells is not only the core of the performance description of gas reservoirs but also an important basis for the analysis of gas injection and production capacity and the preparation of injection and production schemes of gas storage. At present，the conventional binomial，exponential，and one-point productivity equations are established for gas reservoir development，and there is no relevant research on the adaptability of cyclic high-rate injection and production of gas storage. Therefore，this study investigated the productivity calculation methods for gas storage in oil and gas reservoirs. On the basis of the relationships between formation pressure，bottomhole flow pressure，and injection and production capacity in gas storage in oil and gas reservoirs，the productivity equation of gas wells in gas storage was established，and the physical significance of various parameters in the newly established productivity equation of gas wells was clarified to define the thresholds of laminar flow and turbulent flow. Different from the productivity equation of the conventional gas reservoirs，the newly established equation demonstrates that the ratio of the difference of squares of production pressure to the square of production decreases with the increase in production，which satisfies the power function relationship and shows a linear relationship in the double logarithmic coordinate system. The established productivity equation of gas storage in oil and gas reservoirs is an extension of the conventional productivity equation，which provides a theoretical basis for the study of gas injection and production capacity of gas storage. To verify the applicability of the equation proposed in this paper，we used the binomial productivity equation and the newly established equation to fit the measured production data of four pressure monitoring wells in X gas storage for comparison. The results show that the equation established in this paper is more in line with the productivity change laws of gas storage in oil and gas reservoirs.