The phase equilibria with the confinement effect could shift in nano‐pores, which could have a great impact on the recovery mechanisms of CO2 injection in tight oil reservoirs; this has not been systematically studied. In this paper, the confinement effect with property shift and capillarity effect is introduced into the flash calculation of confined fluids. The Soave modification of the Redlich–Kwong equation of state is extended by the molecular‐wall collision parameter to describe the shifted pressure–volume–temperature properties of confined fluid, and the Young–Laplace equation is applied to evaluate the capillary pressure. This developed model could effectively be applied for phase equilibrium calculation in tight porous media because of the verification of experimental results. A binary mixture is investigated to study the different effect of capillary pressure and property shift on phase equilibria. Subsequently, a typical hydrocarbon fluid from Middle Bakken tight oil reservoirs is studied with CO2 injection. Results illustrate that the confinement effect could play an increasingly important part in the phase equilibrium state. The CO2 solubility and mass transfer driving force in tiny pores would be greater than those in large pores under the same conditions. The gas phase saturation would be smaller with the same compositions, which could extend the single‐phase region of fluid flow in porous media. Furthermore, bubble‐point pressure, the minimum miscible pressure of CO2/hydrocarbon, and the viscosity of tight oil dissolved with CO2 both decrease with the pore size, which has a good influence on tight oil recovery. In general, the confinement effect could effectively reinforce the recovery mechanisms of CO2 injection, which is conducive to the enhancement of tight oil recovery. © 2019 Society of Chemical Industry and John Wiley & Sons, Ltd.