Ultralow-temperature fluids (such as liquid nitrogen, liquid CO2) are novel waterless fracturing technologies designed for dry, water-sensitive reservoirs. Due to their ultralow temperatures, high compression ratios, strong frost heaving forces, and low viscosities, they offer a solution for enhancing the fracturing and permeability of low-permeability reservoirs. In this study, we focus on the combined effects of high-pressure fluid rock breaking, low-temperature freeze-thaw fracturing, and liquid-gas phase transformation expansion on coal-rock in low-permeability reservoirs during liquid nitrogen fracturing (LNF). We systematically analyze the factors that limit the LNF effectiveness, and we discuss the pore fracture process induced by low-temperature fracturing in coal-rock and its impact on the permeability. Based on this analysis, we propose a model and flow for fracturing low-permeability reservoirs with low-temperature fluids. The analysis suggests that the Leidenfrost effect and phase change after ultralow-temperature fluids enter the coal support the theoretical feasibility of high-pressure fluid rock breaking. The thermal impact and temperature exchange rate between the fluid and coal determine the temperature difference gradient, which directly affects the mismatch deformation and fracture development scale of different coal-rock structures. The low-temperature phase change coupling fracturing of ultralow-temperature fluids is the key to the formation of reservoir fracture networks. The coal-rock components, natural fissures, temperature difference gradients, and number of cycles are the key factors in low-temperature fracturing. In contrast to those in conventional hydraulic fracturing, the propagation and interaction of fractures under low-temperature conditions involve multifield coupling and synergistic temperature, fluid flow, fracture development, and stress distribution processes. The key factors determining the feasibility of the large-scale application of ultralow-temperature fluid fracturing in the future are the reconstruction of fracture networks and the enhancement of the permeability response in low-permeability reservoirs. Based on these considerations, we propose a model and process for LNF in low-permeability reservoirs. The research findings presented herein provide theoretical insights and practical guidance for understanding waterless fracturing mechanisms in deep reservoirs.