Research into condensate gas reservoirs in the oil and gas industry has been paid much attention and has great research value. There are also many deep condensate gas reservoirs, which is of great significance for exploitation. In this paper, the seepage performance of deep condensate gas reservoirs with natural fractures was studied. Considering that the composition of condensate gas changes during the production process, the component model was used to describe the condensate gas seepage in the fractured reservoir, modeled using the discrete fracture method, and the finite element method was used to conduct numerical simulation to analyze the seepage dynamic. The results show that the advancing speed of the moving pressure boundary can be reduced by 55% due to the existence of threshold pressure gradient. Due to the high-speed flow effect in the near wellbore area, as well as the high mobility of oil, the condensate oil saturation near the wellbore can be reduced by 42.8%. The existence of discrete natural fractures is conducive to improving the degree of formation utilization and producing condensate oil.