In order to reveal the physical properties of CO2 under actual formation conditions, this paper establishes a mathematical model of the temperature field and pressure field in the wellbore under CO2 injection conditions, optimizes the state equation of CO2 physical-property parameters, calculates the change trend of CO2 density, viscosity, and compression factor along the wellbore, and obtains the influence law of CO2 corrosion on the casing and interface. The viscosity showed a downward trend along the well depth; the compression factor showed an upward trend. The surfaces of the three casings were smooth and flat without obvious defects, the cement structure was dense, and there was no obvious pore structure. After corrosion, with the increase of Cr content, the change of interfacial corrosion decreases. The morphology of the Q125 and 3Cr interface is loose after corrosion, while there is no obvious change in the 13Cr interface. With the prolongation of corrosion time, low wellbore internal pressure easily causes casing yield, and high wellbore internal pressure easily causes cement-sheath compression failure. The circumferential stress of the casing increases with the corrosion time extension, and the radial stress of the casing and cement sheath decreases first and then increases with the corrosion time. The compressive strength of the cement sheath does not exceed the compressive strength.