Generally the irreducible water saturation of low permeability gas reservoir is quite high which leads to the permeability stress sensibility and threshold pressure gradient. Under the assumption that permeability varies with experimental law of the pseudo pressure drop, according to concepts of perturbable ellipses and equivalent developing regulations, the calculation method of stable production of hydraulically fractured gas well in low permeability reservoirs is investigated with threshold pressure. And productivity curve is drawn and analyzed. The result shows that, permeability modulus and threshold pressure have effect on production of fractured gas well. The higher the permeability modulus and the threshold pressure, the lower the production is. Therefore, the impact of stress sensitive and threshold pressure must be considered when analyzing the productivity of vertical fracture well in low permeability gas reservoir.