Geothermal energy extraction using existing wellbore systems provides a promising approach for sustainable heat utilization; however, the long-term thermo-hydro-mechanical (THM) responses associated with different working fluids remain insufficiently understood. In this study, a three-dimensional coupled THM model was developed to compare geothermal heat extraction using water and pressurized CO₂ under identical geological and operational conditions. The model integrates Darcy flow, heat transfer, and linear elastic deformation to investigate the evolution of hydraulic, thermal, and mechanical fields over a 100-year operation period. The results show that the hydraulic fields rapidly reach quasi-steady states, whereas thermal responses continuously evolve due to cold-front propagation from the injection well. Compared with water, pressurized CO₂ exhibits stronger fluid mobility and produces a larger thermal influence region, resulting in different heat extraction characteristics under the same mass-flow-rate condition. Thermal cooling induces reservoir contraction and stress redistribution; however, the calculated stress and displacement variations remain within a stable range throughout the simulation period. The comparison demonstrates that pressurized CO₂ can enhance long-term thermal utilization while maintaining acceptable geomechanical stability under the investigated conditions. These findings provide insights into the selection of working fluids for wellbore-based geothermal systems and highlight the importance of coupled THM evaluation for long-term reservoir performance assessment.