The productivity prediction of weakly volatile fractured reservoirs is influenced by reservoir parameters and fluid characteristics. To address the computational challenges posed by complex fractures, an equivalent fracture element method is proposed to calculate equivalent permeability in fractured zones. A three-phase seepage model based on material balance is developed, using the Baker linear model to determine the relative permeabilities of oil, gas, and water while accounting for bound water saturation. Dynamic drainage distance and conductivity coefficients are introduced to calculate production at each stage, with the semi-analytical model solved iteratively for pressure and saturation. Validation against commercial simulation software confirms the model’s accuracy, enabling the construction of productivity curves and analysis of reservoir characteristics and injection scenarios. Results showed that the equivalent fracture element method effectively handled multiphase nonlinear seepage and predicted productivity during water flooding. Productivity was more sensitive to through-fracture models, with production increasing as the fracture extent expanded. Optimal water injection occurred when the formation pressure dropped to 80% of the bubble point pressure, and the recovery efficiency improved with periodic-injection strategies compared to conventional methods. These findings have significant implications for improving oil recovery, optimizing injection strategies, and advancing the design of efficient reservoir management techniques across scientific, practical, and technological domains.