Due to the high water saturation in high-water-cut tight sandstone gas reservoirs, factors such as threshold pressure gradient (TPG) and stress sensitivity (SS) cannot be overlooked in terms of their impact on seepage parameters. Therefore, this paper primarily investigates the seepage mechanisms in tight, high-water-cut sandstone gas reservoirs. While considering the influence of water saturation on various seepage mechanisms, it establishes a gas well productivity equation under stable seepage conditions and presents an analysis of the influencing factors. In a comparison of the unobstructed flow rates calculated using the productivity equation developed in this paper with those obtained from conventional gas well productivity equations and actual gas well productivity tests, the new equation demonstrates smaller errors. This provides a theoretical basis for evaluating productivity and making rational production allocation decisions in high-water-cut tight sandstone gas reservoirs.