In this paper, a multi-point flux mixed-finite-element decoupled method was considered for the compressible miscible displacement problem. For this compressible problem, a fully discrete backward Euler scheme was proposed, in which the velocity and pressure equations were decoupled by a multi-point flux MFE method using BDM1 elements combined with a trapezoidal quadrature rule. The concentration equation was handled by a standard FE method. The error analysis for velocity, pressure, and concentration were rigorously derived. Numerical experiments to verify the convergence rates and simulate the miscible displacement problem of a water–oil system were presented.