To evaluate the vibration effect caused by carbon dioxide phase-transition fracturing, the Hilbert–Huang transform was used to study the change of vibration energy with distance in different frequency bands. The results are drawn as follows: (1) The peak particle velocity (PPV) decreases as a power function with an increase in distance and has fallen below 25 mm/s at 2.8 m. (2) The energy of vibration signals induced by carbon dioxide phase-transition fracturing is mainly distributed at the frequency band of 10–50 Hz. With the increase in distance, the energy distribution of vibration signals falls in four phases: Propagation to high frequency (0–13.9 m); a rapid high-frequency energy decrease (20–30 m); energy fluctuation (30–47.2 m) and a stable energy distribution (larger than 50 m). (3) The proportion of the low-frequency vibration energy (0–10 Hz) increases as a result of the increase in distance (less than 8.7 m), which should be paid more attention.