The interfacial interaction between CO2 and oil and water is one of the important factors affecting the effect of CO2 enhanced oil recovery. Taking dead oil in Zhoucheng Oilfield as an example, the variation of interfacial tension between crude oil-carbonated water two-phase system and oil-formation water two-phase system was studied by pendant drop method. The influence of different CO2 saturation on the equilibrium interfacial tension of oil-formation water system and changes of equilibrium interfacial tension between crude oil-carbonated water system and crude oil-formation water system were analyzed. Moreover, previous studies did not reflect the experimental phenomena of extracting light hydrocarbons from oil droplets by CO2 through gas-water interface. This paper provides experimental research and analysis for this experimental phenomenon. The results show that the equilibrium interfacial tension of crude oil-carbonated water system decreases with the increase of pressure, and the dissolution and diffusion of the system becomes more and more obvious with the increase of pressure. The medium exchange occurs between oil and carbonated water, and the phenomenon of partial miscibility occurs. There is a threshold pressure value between crude oil and formation water with different CO2 saturation. Each group of samples has its threshold pressure and optimum CO2 injection rate. It’s not that the more CO2 injection, the better oil displacement effect. This research provides a reference for us to save the cost of CO2 flooding.