Understanding the percolation behavior of deep shale gas is of great significance for efficient development. This paper aims to propose an analytical model coupling adsorbed and free gases for the permeability of deep shale gas. By correcting gas slippage with the properties of adsorbed gas and applying the Navier−Stokes equations, flow models for a single cylinder and slit pore are established respectively. The model fits the flow velocities from the molecular simulations well. A permeability model for shale is further established with the capillary bundle model. The permeabilities of shale cores are measured under average gas pressure up to 50 MPa and the temperature of 140 °C with nitrogen. The model and experiments prove a linear relationship between the apparent permeability and the reciprocal of free gas density for the flow coupling adsorbed and free gases. The calculated results of the permeability model under the condition of deep reservoirs indicate that (1) the apparent permeability of shale tends to a limit higher than the intrinsic permeability at high pressure; this limit decreases with the increase in tangential momentum accommodation coefficient (TMAC) of the pore wall and pore size;(2) ignoring gas adsorption overestimates apparent permeability, especially for low pressure, small TMAC, and small pore size; and(3) the gas usually flowing in the shale is mainly free gas, and the adsorbed gas in the shale with cylinder pores is more flowable than that with slit pores; for smaller pore size, smaller TMAC, and lower pressure, the adsorbed gas contributes more to the gas flow, while the flow of adsorbed gas can be completely ignored for the shale mainly with macropores.