Multistage hydraulic fracturing is a key technology for developing tight reservoirs. Field data indicate that a small fraction of the injected water can be recovered during flowback. Fractures play an important role in the retention of fracturing fluid, but the mechanisms and rules remain uncertain. Therefore, an experimental facility was established for studying the fluid retention in fractures using an improved conductivity apparatus. The fluid trapped in rough fractures was measured, and the dynamic changes of the drainage volume and rate under various apertures were analyzed. The effects of different factors, such as the fracture aperture, surface roughness, tortuosity, and matrix imbibition, on the fluid retention were studied. An empirical formula between the retention rate and fracture aperture was derived on the basis of mass conservation. Results showed that the fluid retention rate slowly decreased with an aperture increase in the fracture, and it would increase with considerable roughness, high tortuosity, and significant matrix imbibition. Meanwhile, drainage volume and rate change dramatically resulted from the gas drive. Secondary fractures and microcracks played an important role in the retention of fracturing fluid. Furthermore, the mechanisms of fracturing fluid retained in the tight reservoir, including viscous trapping and “locking” in fractures, the effect of gravity, surface-bound water film, capillary force retention, and matrix imbibition, were discussed. This study is significant for understanding the flowback rules of fracturing fluid, diagnosing fracture development, and identifying reservoir properties.