Tight oil reservoirs have poor physical properties, and the problems including rapid oil rate decline and low oil recovery degree are quite common after volume fracturing. To obtain a general understanding of tight oil reservoir production improvement by CO2 huff ‘n’ puff, the high-pressure physical properties of typical tight oil samples are measured. Combining the typical reservoir parameters, the production characteristics of the tight oil reservoir developed by the CO2 huff ‘n’ puff are numerically studied on the basis of highly fitted experimental results. The results show that: (1) during the natural depletion stage, the oil production rate decreases rapidly and the oil recovery degree is low because of the decrease in oil displacement energy and the increase in fluid seepage resistance. (2) CO2 huff ‘n’ puff can improve the development effect of tight oil reservoirs by supplementing reservoir energy and improving oil mobility, but the development effect gradually worsens with increasing cycle number. (3) The earlier the CO2 injection timing is, the better the development effect of the tight reservoir is, but the less sufficient natural energy utilization is. When carrying out CO2 stimulation, full use should be made of the natural energy, and the appropriate injection timing should be determined by comprehensively considering the formation-saturation pressure difference and oil production rate. The research results are helpful for strengthening the understanding of the production characteristics of tight oil reservoirs developed by CO2 huff ‘n’ puff.