The reservoir type of the MH oil field in the Junggar Basin is a typical low-permeability conglomerate reservoir. The MH oilfield was developed by water injection in the early stage. Nowadays, the reservoir damage is serious, and water injection is difficult. There is an urgent need to carry out conversion injection flooding research to improve oil recovery. The use of CO2 oil-flooding technology can effectively supplement formation energy, reduce greenhouse gas emissions, and improve economic benefits. In order to clarify the feasibility of CO2 flooding to improve oil recovery in conglomerate reservoirs with low permeability, strong water sensitivity, and severe heterogeneity, this paper researched the impact of CO2 miscibility on production characteristics and mechanisms through multi-scale experiments. The aim was to determine the feasibility of using CO2 flooding to enhance oil recovery. This study initially elucidated the oil displacement characteristics of varying degrees of miscibility in different dimensions using slim tube experiments and long core experiments. Subsequently, mechanistic research was conducted, focusing on the produced oil components, changes in interfacial tension, and conditions for pore mobilization. The results indicate that the minimum miscibility pressure (MMP) of the block is 24 MPa. Under the slim tube scale, the increase in the degree of miscibility can effectively delay the gas breakthrough time; under the core scale, once the pressure reaches the near mixing phase, the drive state can transition from a non-mixed “closed-seal” to a “mixed-phase” state. Compared to the immiscible phase, the near-miscible and completely miscible phase can improve the final recovery efficiency by 9.27% and 18.72%. The component differences in the displacement products are mainly concentrated in the high-yield stage and gas breakthrough stage. During the high-yield stage, an increase in miscibility leads to a higher proportion of heavy components in the produced material. Conversely, in the gas breakthrough stage, extraction increases as the level of mixing increases, demonstrating the distinct extracting characteristics of different degrees of mixed phases. The core experiences significant variations in oil saturation mostly during the pre-gas stage. CO2 miscible flooding can effectively utilize crude oil in tiny and medium-sized pores during the middle stage of flooding, hence reducing the minimum threshold for pore utilization to 0.3 μm.