Long horizontal wells in high-permeability fault-block reservoirs may intersect multiple faults, leading to complex pressure-transient responses, strong parameter coupling in conventional well-test interpretation, inefficient manual history matching, and pronounced non-uniqueness in fault-property identification. To address these challenges, this study proposes a physics-regularized neural inversion framework based on a PINN parameterization and low-weight physics regularization for well-test parameter inversion in long horizontal wells intersecting multiple faults. The proposed method takes the multiple-fault pressure response of a long horizontal well as the target problem. Both the pressure–drawdown curve and the pressure–drawdown derivative curve are used as data constraints. At the same time, parameter scaling and stage-wise training are introduced to jointly invert the reservoir permeability, fault transmissibility coefficient, skin factor, and effective producing length of the horizontal well. Considering that the simplified line-source forward model is not fully consistent with the two-dimensional pressure-diffusion equation and the fault-interface residuals, a physics-loss consistency test is performed to determine safe weighting ranges for the PDE residual and the fault-interface residual. These residuals are then incorporated into the training process as low-weight physics regularization terms to improve the physical plausibility of the inversion results. Results from the base case, different fault types, multiple-fault combinations, noise-robustness tests, ablation experiments, and method comparisons show that the proposed method can stably fit pressure–drawdown and pressure–drawdown derivative curves and effectively identify key well-test parameters in single-fault cases and some multiple-fault cases. In single-fault cases, the order of magnitude of the fault transmissibility coefficient can be identified stably. Reliable inversion performance is obtained for medium- to high-transmissibility faults and some multiple-fault combinations. In contrast, ambiguity remains between sealing faults and strong-baffle faults in multiple low-transmissibility fault combinations. The results further indicate that, under multiple random initializations, the physics-regularized neural inversion framework provides improved inversion stability in the tested synthetic low-transmissibility multiple-fault cases compared with the traditional least-squares method. Therefore, the proposed framework can serve as an intelligent auxiliary tool for well-test parameter inversion and fault-connectivity evaluation in complex fault-block reservoirs. Nevertheless, fine discrimination of low-transmissibility faults and interpretation of highly noisy field data still require joint constraints from geological, seismic, and production-dynamic information. A preliminary reduced field PINN fitting test using the well X falloff event further provides an engineering-scale applicability check for real pressure-transient data, with a pressure NRMSE of 2.457% for the extracted shut-in response.