Condensate gas reservoirs are a special kind of reservoir because of the presence of multiphase flow in their production. The accurate calculation of the multiphase flow productivity in horizontal wells is of great significance for reservoir development. In this study, the total pseudopressure and the equivalent total flow are defined to solve the multiphase nonlinear problem in the oil–gas–water three-phase control flow equation, and to establish a three-phase productivity equation considering the non-Darcy effect. It provides a solution for the three-phase productivity calculation of horizontal wells in water-bearing condensate gas reservoirs. The example verification and error analysis of three horizontal wells, except for the gas production error of Well Y3 and the average error of the production data of other gas wells, is below 4%. The fitting effect of Well Y2 is better than that of the other two horizontal wells, and the average error of the oil, gas, and water phases is below 3%. This method provides a practical and simple engineering tool for the analysis of the productivity of condensate gas reservoirs considering multiphase flow.