To solve engineering problems in the production process after fracturing and flooding of low-permeability sandstone reservoirs, such as rapid water-cut rise and low water flooding efficiency, a method for optimizing the fracture parameters of low-permeability sandstone reservoirs under fracturing flooding conditions was proposed. A rock property test experiment was first carried out, the fracturing coefficient was defined, and an evaluation method for the brittleness index of low-permeability sandstone was established to optimize the perforation location of the fracturing reservoir. A productivity numerical model for the two-phase flow of oil–water in matrix–fracture media was established to optimize the fracture morphology under fracturing flooding conditions. The results showed that the quartz content, Young’s modulus, and peak stress mainly affected the fracturing coefficient of rock and are the key indicators for evaluating the brittleness of low-permeability sandstone reservoirs. For production wells in the direction of minimum horizontal principal stress, the swept area of water flooding should be expanded, fracture length should be optimized to 90 m, and fracture conductivity should be 20 D·cm. For fracturing production wells in the direction of maximum horizontal principal stress, the advancing speed of the water injection front should be slowed down to reduce the risk of water channeling in injection-production wells. The optimized fracture length was 80 m, and the fracture conductivity was 25 D·cm. The application of these findings can markedly improve oil production and provide a reference for optimizing the fracture parameters of low-permeability sandstone reservoirs under fracturing flooding conditions.