Horizontal well fracturing is an important development tool for tight sandstone gas wells, and there are interferences between fractures and complex seepage patterns, so accurate capacity prediction is especially important. In this paper, a strongly applicable gas-water co-production capacity prediction model for fractured horizontal wells is established under the conditions of fully considering different seepage patterns of gas-water two-phase flow in formation and fracture and mutual interference between fractures, and simultaneously considering various factors such as slip effect, initiation pressure gradient, stress sensitivity and high-speed non-Darcy flow. At the same time, this paper also analyzes the formation stress sensitivity, gas slippage factor, starting pressure gradient, fracture parameters and water gas ratio in gas-water two-phase flow. The results show that water gas ratio, fracture conductivity and fracture half length are positively correlated with productivity; Fracture stress sensitivity is negatively correlated with productivity; Formation pressure sensitivity, gas slippage effect and start-up pressure gradient have relatively little impact on productivity. The research results of this paper provide a theoretical basis for productivity evaluation of fractured horizontal wells in tight sandstone.