Fractured oil and gas reservoirs play an important role in oil and gas exploration and development due to their complex fracture network structure. As the main fluid channel in the reservoir, fractures have a significant impact on the migration, accumulation and exploitation efficiency of oil and gas. This paper summarizes the key geological characteristics of fractured reservoirs, including fracture types, distribution rules and main controlling factors of fracture development, and discusses the influence of fractures on reservoir physical properties. Furthermore, the deterministic and stochastic modeling methods of three-dimensional geological modeling of fractured reservoirs and the latest progress of discrete fracture network modeling technology are introduced in detail. In addition, this paper also discusses in detail the application of multi-field coupling model in the numerical simulation of fluid flow in fractured reservoirs, including continuous medium model and discrete medium model, and their advantages and disadvantages in simulating fluid flow in fractured reservoirs. Finally, this paper summarizes the research progress of multi-physics coupling model of fractured reservoirs, and points out the direction and challenges of future research. Through these studies, it can provide theoretical support and technical guidance for oil and gas exploration and development, in order to achieve more effective development and management of fractured reservoirs.