CO 2 flooding has become one of most effective methods to improve oil recovery in low-permeability reservoirs. Thus, influencing factors have been specifically analyzed for their impact on oil displacement. Factors that are difficult to observe, such as capillary pressure and CO 2 dissolution, have often been neglected in specific analysis. To do so, this paper combined laboratory experimentation with numerical simulation analysis to understand the specific functions of capillary pressure and CO 2 dissolution in the CO 2-flooding process in low-permeability reservoirs. Based on laboratory experiments with long cores applying different CO 2-flooding methods, the authors established a one-dimensional numerical simulation model for CO 2 flooding. After that, the model was simulated to analyze the effects of capillary pressure and CO 2 dissolution for different CO 2-flooding processes. The results show that the function of capillary pressure in different CO 2-flooding modes is not consistent in low-permeability reservoirs; furthermore, capillary pressure is a driving force in the process of flooding and is a resistance force in the CO 2-flooding process after pressure recovery. When considering CO 2 dissolution in different flooding modes, its function was shown to be inconsistent in low-permeability reservoirs compared with CO 2 flooding without considering CO 2 dissolution; oil recovery is reduced in the CO 2-flooding process, but oil recovery increases in the CO 2-flooding process after pressure recovery. Therefore, in order to promote the rational and effective development of lowpermeability reservoirs, it is necessary to understand the functions of capillary pressure and CO 2 dissolution clearly in the process of CO 2 flooding.