The Lower Urho reservoir of NO. 8 district of Karamay oil-field is characterized by complicated fracture distribution, low porosity, and strong heterogeneity, etc. In view of these characteristics, by using core, well log, dynamic production data, these contents are analyzed, which are the fracture characteristics, main control factors of fracture formation, and influence on development effectiveness, etc. Development adjustment proposal measures of fracture conglomerate reservoir were put forward based on the fracture research. The concrete steps are as follows: Firstly, the types and characteristics of fracture conglomerate reservoir are defined on the basis of reservoir cores analysis and imaging logging data interpretation. Secondly, the main control factors of fracture formation is revealed, the major fracture strike is determined, and the fracture distribution and plane extension in the oil reservoir are summarized by analyzing the relation among regional tectonic evolution, the change of stress fields, and the types of sedimentary and fracture formation. Finally, by combining dynamic production data of injection-production well group, the influence of fracture identification on development effectiveness is analyzed. And technology policies on fractured conglomerate reservoir development are pointed out; the policies effectively apply the fracture research results on the adjustment of injection production well pattern, the adjustment of well design, and selection of injection parameters. The practical results show that both the deliverability of oil well and water flooding, water breakthrough, and high water content in well are controlled by fractures development degree and distribution pattern. And a good spatial disposition relationship between injection production wells and fracture is about 45°. High efficiency development for the low-permeability fractured conglomerate reservoir is obtained by the close spacing development, whose characteristics are low water injection rate, five points well pattern form of law, and linear injection. And they could be certainly applied to other similar reservoirs.