Polymer gels are one of the most common plugging agents used for controlling CO2 channeling and improving sweep efficiency and oil recovery in tight fractured reservoirs. However, the in situ gelation behavior and enhanced oil recovery ability of polymer gel in fractured porous media is still unclear. Thus, in this study, the bulk and in situ gelation behavior of crosslinked phenolic resin gel in a long stainless microtube as the fractured porous media was investigated. The enhanced oil recovery ability of phenolic resin gel used for CO2 channeling was investigated by means of a fractured core model. Results show that, with the increase of polymer and crosslinker concentrations, the bulk gelation time shortens and gel strength improves during the static gelation process. With the increase of polymer concentration and temperature, the in situ static gelation time and dynamic gelation time of the gel system in the microtube are shortened, and the breakthrough pressure gradient increases after gelation. Compared with the in situ static gelation behavior, the in situ dynamic gelation time is prolonged and the breakthrough pressure gradient decreases after gelation. The in situ static gelation time in the microtube is 1.2 times that of bulk gelation time in an ampoule bottle, and the in situ dynamic gelation time is nearly 3 times that of ampoule bottles. When the injected slug volume was 1.0 FV (fracture volume), as the polymer concentration increased from 3000 mg·L−1 to 4000 mg·L−1, the incremental oil recovery increased from 3.53% to 4.73%.