Sanding production of the underground gas storage (UGS) in the depleted reservoir will cause the decline of effective storage capacity, and the erosion of well string and auxiliary equipment, and other engineering problems. A deep understanding of the sanding production contributes to maintaining the injection and production capacity of gas storage and the long‐term safety of the UGS. In this paper, core samples of five main sedimentary microfacies were drilled from the UGS in middle China. The mechanical properties with different conditions of the moisture content in multi‐cycling injection–production process were tested. The critical drawdown pressure (CDP) calculation methods for the UGS were established based on the stress analysis near the wellbore and the Mogi–Coulomb criterion. Adopting the finite element method simulation on the geological model of the target UGS, the geo‐stress of the formation was calculated by inversed analysis and validated based on the Kaiser effect of rock. Then, the CDP of two target wells of the UGS were investigated. The effects of the water moisture and the cycling times of the injection–production process on the CDP were also analyzed. The geo‐stress distribution shows that the horizontal maximum principal stress ranges from 53 to 68 MPa, and the horizontal minimum principal stress is 46–58 MPa in the target reservoir section, and the vertical minimum principal stress is 69–77 MPa in the target reservoir. The calculated CDP changed with the types of the sedimentary microfacies in the range of [6.27, 8.77] MPa, in which the CDP of the mixed mud and sand flat sedimentary facies was the lowest. The weakness of the CDP with the increasing of the moisture content and the cycling times were analyzed quantitively.