Carbonate reservoir is one of the important reservoir in the world. Because of the characteristics of carbonate reservoir, horizontal well and acid fracturing have become a key technology for efficiently developing carbonate reservoir. Establishing corresponding mathematical models and analyzing transient pressure behaviors of this type of well‐reservoir configuration can provide a better understanding of fluid flow patterns in formation as well as estimations of important parameters. A mathematical model for a oil‐water two‐phase flow multiple‐fractured horizontal well with multiple finite‐conductivity fractures in triple media carbonate reservoir by conceptualizing vugs as spherical shapes is presented in this article. A semi‐analytical solution is obtained in the Laplace domain by using source function theory, Laplace transformation, and superposition principle. Analysis of transient pressure responses indicates that nine characteristic flow periods of multiple‐fractured horizontal wells with multiple finite‐conductivity fractures in triple media carbonate reservoir can be identified. Parametric analysis shows that water saturation of matrix, vug and fracture system and acid fracture, fracture half‐length, fracture number, fracture spacing and acid fracture conductivity can significantly influence the transient pressure responses of multiple‐fractured horizontal wells with multiple finite‐conductivity fractures in triple media carbonate reservoir. The model presented in this article can be applied to obtain important parameters pertinent to reservoir or fracture by type curve matching, and it can also provide useful information for optimizing fracture parameters.