During the depletion and pressure reduction process in condensate gas reservoirs, the precipitation of condensate oil transforms the single-phase gas flow into a two-phase gas−liquid flow, significantly reducing the permeability. Currently, microscopic studies of the phase behavior of condensate gas in porous media mainly focus on observing and describing the occurrence of condensate oil, lacking quantitative calculations and direct observations of condensate oil throughout the entire depletion cycle. This paper uses a microvisualization method to simulate the depletion process of condensate gas reservoirs. Condensate gases with oil contents of 175.3 and 505.5 g/cm 3 were prepared by mixing methane, ethane, hexane, and decane in specific proportions. Pore structures were extracted from thin sections of real core casts, and microfluidic chips with a minimum pore diameter of 20 μm and an areal porosity of 20.75% were fabricated by using a chemical wet etching method. Subsequently, microfluidic condensate gas depletion experiments were conducted with chip images recorded during the depletion process. Grayscale analysis of the depletion images was performed using ImageJ software to quantitatively calculate condensate oil saturation and recovery rates, analyzing the effects of different condensate oil contents on condensate gas depletion, and comparing the differences between depletion in porous media and in a PVT cell. The conclusions drawn are as follows: the dew points of high and low in the porous media are 3.15% and 1.85% higher than those in the PVT cell, respectively. In the early stages of depletion, condensate oil saturation in porous media is higher than that in the PVT cell, while in the middle to late stages, condensate oil saturation in porous media is lower than that in the PVT cell. The condensate oil recovery rate in porous media is significantly higher than the depletion recovery rate in the PVT cell. Condensate oil tends to precipitate and disperse at blind ends and corners, while it easily forms patches in mainstream large pores.