Temperature and pressure of natural gas hydrate (NGH) reservoirs influence CH 4 recovery and CO 2 sequestration through the CO 2 −CH 4 hydrate replacement reaction. The typical temperature and pressure in marine NGH reservoirs are mainly 275.65−294.51 K and 8.41−22.25 MPa, respectively. However, the corresponding CO 2 −CH 4 hydrate replacement reaction under the temperature above 281.15 K has been studied little in previous studies. In this work, six experiments were conducted at 281.15− 289.15 K and 15−17 MPa using a self-developed experimental apparatus. These experiments utilized techniques such as general photography, microscopy, temperature and pressure measurements, computational analysis, and gas chromatography to study the dynamic changes in the morphology and distribution of CH 4 , CO 2 , and H 2 O under varying temperatures, pressures, and compositional conditions. The results showed that liquid CO 2 replaced CH 4 in CH 4 hydrates or CH 4 −CO 2 mixed hydrates. This replacement process was featured with multiple mechanisms during the soaking stage and governed by the CH 4 −CO 2 mixed hydrate phase equilibrium, which was controlled by CH 4 −CO 2 mixtures and their compositions. Moreover, the relative increases of the CH 4 molar ratio in the CO 2 -rich fluid phase, the efficiency of CO 2 sequestration, and the CO 2 sequestration amount in comparison with the CH 4 reserves reached 24.97%, 19.53%, and 2.17 times, respectively. CO 2 injection pressure and the initial volume fraction of liquid water and the CO 2 -rich fluid were found to have larger impacts on the CO 2 −CH 4 hydrate replacement reaction above 281.15 K than temperature and the initial volume of CH 4 hydrate. Besides, controlling the composition of the CH 4 −CO 2 −H 2 O mixed system and depressurization were proposed to balance CH 4 recovery and CO 2 sequestration. This work may offer some references for CH 4 recovery and CO 2 sequestration under real settings.