A new productivity analysis method for the fractured well in low-permeability reservoir is derived on the basis of reservoir engineering and numerical calculation. The starting pressure gradient, reservoir pressure sensitivity, and the conductivity attenuation of the artificial fractures are all taken into account in the well productivity analysis. A calculation instance was performed and the comprehensive analysis of the predicted result was provided to study the effect of different factors on the well productivity. The result shows that with the decrease of bottom-hole pressure, pseudo-startup pressure gradient, the deformation coefficient, and the increase of oil production in the early stage, the production declines rapidly. At the same time, with the increase of the artificial fracture conductivity attenuation coefficient, the oil production in the early stage also increases and then declines rapidly as well. At last, the productivity analysis method was applied to the field applications. There is a quite good agreement between the predicted result and the actual production data, the fact has verified the correctness of production analysis method.