Multiple fractured horizontal wells have been widely used to develop unconventional tight gas reservoirs. Currently, many well testing models were established to study the performance of fractured horizontal wells in tight gas reservoirs. However, none of these models thoroughly takes stress-sensitivity of natural fractures and variable conductivity of artificial fractures into consideration. Based on the consideration of stress-sensitivity of natural fractures and variable conductivity of artificial fractures, a novel well testing model for fractured horizontal well in tight gas reservoirs is proposed. And the semianalytical solution of this new model is obtained by dividing the artificial fracture into different segments under the integrative methods of Laplace transformation, point source function, perturbation theory, superposition principle, and Stehfest numerical inversion. After validation, the semianalytical solution is consistent with that of Zerzar’s model (2004). Also, typical pressure and pressure derivative curves are plotted. According to typical curves, seven regimes can be derived, namely, bilinear flow, linear flow, early-time pseudoradial flow, biradial flow, intermediate-time pseudoradial flow, and pseudo-steady state interporosity flow, and late-time pseudoradial flow can be identified. In addition, this paper analyzes the impact on pressure and pressure derivative curves exerted by variable conductivity and stress-sensibility. The results show that variable conductivity mainly affects the early flow regimes, including bilinear flow, linear flow, and early-time radial flow, while the stress-sensitivity mainly affects the later flow regimes, including intermediate-time pseudoradial flow, pseudo-steady state interporosity flow, and late-time pseudoradial flow. The typical curves will ascend with the increasing of stress-sensitivity coefficient. The research provides a method for precise prediction of formation parameters and has a significant impact on the tight gas reservoir development.