CO2 injection composite fracturing is an effective method for shale oil and gas well development. The downhole casing is prone to uniform corrosion, pitting, perforation, and even corrosion fracture in the CO2 environment. Therefore, it is particularly important to reveal the physical characteristics of CO2 under actual geological conditions and the impact of CO2 corrosion on the performance of casing. A mathematical model for the temperature and pressure field of CO2 in the wellbore under fracturing conditions is established in this paper, and the temperature and pressure distribution along the depth of the well is calculated. By optimizing the CO2 state equation and using the S-W equation, Lee model, and RK model to calculate the CO2 density, viscosity and compression factor, respectively, the phase distribution pattern of CO2 along the actual wellbore is obtained. Through CO2 corrosion tests on the casing, the influence of temperature and CO2 concentration on the corrosion rate of the casing is clarified. The peak corrosion rate of Q125 steel corresponds to 80 °C, and the corrosion rate increases with the increase in CO2 concentration. Finally, a prediction model for the uniform corrosion rate of casing under different temperatures and CO2 concentration conditions is obtained, which can provide technical support for the design of CO2-enhanced fracturing technology.