At present, the research on productivity of fractured vertical wells at home and abroad is mainly based on the existing seepage model, and the approximate solution is adopted to solve the productivity model. However, the accuracy of the productivity model has certain limitations. In order to correct the productivity equation of fractured vertical well and improve the prediction accuracy of production capacity, based on the previous research, a new productivity model with considering the factors such as fracture, heterogeneity and reservoir shooting degree is obtained from the most basic three-dimensional seepage equation. What's more, the model demonstration and sensitivity analysis are carried out for the fractured straight well productivity equation. The results show that in the early stage of the oil well production, productivity is mainly affected by the length of fractures and the degree of shot blasting, and the optimal fracture length and reasonable degree of reservoir blasting exist. In the middle and late stages of the oil well production, the productivity is mainly affected by fracture orientation, reservoir anisotropy and boundary condition. In the late stage of oil well production, productivity is mainly affected by reservoir width. This method can optimize the hydraulic fracturing parameters and guide the design of fracturing process. It can help to predict and analyze productivity.