Abstract: Condensate gas reservoirs are different from the normal dissolved gas reservoirs.Much condensate oil will be left underground if the normal black oil model is used for calculation.But it costs too much to use the compositional model.So a mathematical model of gas-liquid-solid three-phase flow is derived in this paper based on the precipitation of condensate liquid while exploiting condensate gas reservoirs and the precipitation of paraffin.On the basis of the black oil model,the mathematical model is resolved and a computer program is written.Using the production data of Qianmiqiao condensate gas reservoir in Dagang Oilfield,a conclusion is drawn that the precipitation of condensate gas and paraffin will result in the abrupt loss of pressure near the wellbore.What’s more,it is shown that the condensate oil features in three-area distribution.