In view of the complex geological characteristics and strong stress sensitivity of deep high-pressure and low-permeability sandstone reservoirs，the stress sensitivity model and development index trend were studied. The effects of stress sensitivity due to the reduction of pore fluid pressure on oil productivity index，fluid productivity index，and water absorption index were analyzed through laboratory tests and field data. The stress sensitivity models of permeability，porosity，oil productivity index，fluid productivity index and water absorption index were established to generalize the controlling factors of the stress sensitivity of oil productivity index，fluid productivity index and water absorption index. It is found that in the development of deep high-pressure and low-permeability reservoirs in Wendong Oilfield，the water absorption index gradually rose while the oil productivity index and the fluid productivity index smoothly fell. The oil productivity index dropped at a higher rate than that of the fluid productivity index. The main controlling factors of oil productivity index and fluid productivity index include the oil-water viscosity ratio，starting pressure gradient and water cut.