China’s argillaceous limestone reservoir has a lot of oil and gas resources, and hydraulic fracturing of the argillaceous limestone reservoir faces many difficulties. The first problem is that the heterogeneity of the argillaceous limestone reservoir is strong, and it is difficult to optimize fracturing parameters. The second problem is that there are a lot of natural fractures in the argillaceous limestone reservoir, which leads to a lot of fracturing fluid loss. The third problem is that the closure pressure of the argillaceous limestone reservoir is high, and the conductivity of fractures decreases rapidly under high closure pressure. The last problem is that the fracture shape of the argillaceous limestone reservoir is complex, and the law of proppant migration is unclear. The main research methods in this paper include reservoir numerical simulation, fluid-loss-reducer performance evaluation, flow conductivity tests and proppant migration visualization. To solve the above problems, this paper establishes the fracturing productivity prediction model of complex lithology reservoirs and defines the optimal hydraulic fracturing parameters of the argillous limestone reservoir in the Sichuan Basin. The 70/140 mesh ceramide was selected as the fluid loss additive after an evaluation of the sealing properties of different mesh ceramides. At the same time, the hydraulic fracture conductivity test is carried out in this paper, and it is confirmed that the fracture conductivity of 70/140 mesh and 40/70 mesh composite particle-size ceramics mixed according to the mass ratio of 5:5 is the highest. When the closure pressure is 40 MPa, the conductivity of a mixture of 70/140 mesh ceramic and 40/70 mesh ceramic is 35.6% higher than that of a mixture of 70/140 mesh ceramic and 30/50 mesh ceramic. The proppant migration visualization device is used to evaluate the morphology of the sand dike formed by the ceramsite, and it is clear that the shape of the sand dike is the best when the mass ratio of 70/140 mesh ceramsite and 40/70 mesh ceramsite is 6:4. The research results achieved a good stimulation effect in the SC1 well. The daily oil production of the SC1 well is 20 t, and the monitoring results of the wide-area electromagnetic method show that the fracturing fracture length of the SC1 well is up to 129 m.