With the depletion of conventional reservoir development, reservoir fracturing under deep high geo-stress and high geo-stress difference conditions is receiving increasing attention. Deep reservoirs typically require multi-cluster fracturing to achieve efficient reservoir transformation and development. In this paper, considering the relevant geological parameters of a certain reservoir in the southwest, three-dimensional multi-cluster reservoir fracturing models were established based on cohesive element modeling. Then, the propagation law of artificial fractures in reservoirs under the influence of the different number of fracturing clusters, injection displacement, and Young’s modulus in different regions of the 60 m fracturing well section is analyzed, and the quantitative law of parameters such as fracture length, maximum fracture width, injection point fracture width, fracture area, and tensile failure ratio during multi-cluster fracturing construction, as well as the propagation law of fracture morphology are revealed. The simulation results show that using multi-cluster fracturing can significantly improve the effectiveness of reservoir reconstruction, but as the number of fracturing clusters increases, it is also easy to form some small opening artificial fractures. These small opening artificial fractures may not be conducive to the transportation of proppants and fluids. During single cluster fracturing, the interface stiffness and rock Young’s modulus have a significant impact on the propagation of artificial fractures in the reservoir. As the number of fracturing clusters increases, the competition between artificial main fractures expands significantly, which may reduce the impact of interface stiffness and rock Young’s modulus. The fluid injection rate has a significant impact on reservoir fracturing, and in the same area, using high displacement injection can significantly increase the volume of reservoir reconstruction. This study can provide some reference for multi-cluster fracturing construction in deep reservoirs.