The Lunnan Oilfield in the Tarim Basin is known for its abundant oil and gas resources. However, the marine clastic reservoir in this oilfield poses challenges due to its tightness and difficulty in development using conventional water drive methods. To improve the recovery rate, this study focuses on the application of carbon dioxide flooding after a water drive. Indoor experiments were conducted on the formation fluids of the Lunnan Oil Formation, specifically investigating gas injection expansion, thin tube, long core displacement, oil and gas phase permeability, and solubility. By injecting carbon dioxide under the current formation pressure, the study explores the impact of varying amounts of carbon dioxide on crude oil extraction capacity, high-pressure physical parameters of crude oil, and phase characteristics of formation fluids. Additionally, the maximum dissolution capacity of carbon dioxide in formation water is analyzed under different formation temperatures and pressures. The research findings indicate that the crude oil extracted from the Lunnan Oilfield exhibits specific characteristics such as low viscosity, low freezing point, low-medium sulfur content, high wax content, and medium colloid asphaltene. The measured density of carbon dioxide under the conditions of the oil group is 0.74 g/cm3, which closely matches the density of crude oil. Additionally, the viscosity of carbon dioxide is 0.0681 mPa·s, making it well-suited for carbon dioxide flooding. With an increase in the amount of injected carbon dioxide, the saturation pressure and gas-oil ratio of the crude oil also increase. As the pressure rises, carbon dioxide dissolves rapidly into the crude oil, resulting in a gradual increase in the gas-oil ratio, expansion coefficient, and saturation pressure. As the displacement pressure decreases, the degree of carbon dioxide displacement initially decreases slowly, followed by a rapid decrease. Moreover, an increase in the injection rate of carbon dioxide pore volume leads to a rapid initial improvement in oil-displacement efficiency, followed by a slower increase. Simultaneously, the gas-oil ratio exhibits a slow increase initially, followed by a rapid rise. Furthermore, as the displacement pressure increases, the solubility of carbon dioxide in water demonstrates a linear increase. These research findings provide valuable theoretical data to support the use of carbon dioxide flooding techniques for enhancing oil recovery.