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A new model for gas–water two-immiscible-phase transport in a fractal-like porous medium is developed based on the assumptions that the porous medium consists of a bundle of non-interconnected tortuous capillaries and that the size distribution of the capillaries follows a power law relationship when both the capillary pressure and the compressibility of gas are considered. The model is a function of the structural parameters of the porous medium and the parameters of the fluid properties. The new model does not contain empirical constants, and every parameter has a clear physical meaning. The relative permeability predicted by the proposed model is compared with experimental data, and the comparison results are in rational agreement. Finally, the parameters influencing the relative permeability are explored.