Combining horizontal drilling with hydraulic fracturing has become a well-established technique to improve well productivity in tight oil reservoirs. The existence of micro-fractures in these reservoirs affects the fluid flow process as well as the productivity. However, current models for evaluating the well performance of fractured horizontal wells containing micro-fractures lack accuracy. Hence, the objective of this study is to build an efficient model to analyze well productivity, considering the effects of micro-fractures. A novel flow model for multi-fractured horizontal wells was established, considering the effect of micro-fractures on the fluid flow. Subsequently, we built a reservoir model based on the typical fracture and fluid properties of a tight oil block in the Daqing oil field, China. Good agreement between the prediction results and field data was obtained, indicating that the effect of micro-fractures on well productivity cannot be neglected. Further study reveals that micro-fractures essentially function as a joint connecting reservoir matrix and have a persistent impact on well productivity. Micro-fractures can promote well productivity; however, if the value of micro-fracture permeability increases, this promotional effect will slow down. Well productivity can be considerably improved as an increase in micro-fracture percentage. Finally, a series of sensitivity studies were conducted to identify the effects of critical parameters on well productivity. Results show that reservoir permeability significantly influences well productivity, followed by reservoir effective thickness, micro-fracture percentage, fracture number, hydraulic fracture half-length. Pressure sensitivity coefficient, threshold pressure gradient and micro-fracture permeability have the least effect on well productivity. This work provides a sophisticated and efficient tool to evaluate the productivity of multi-fractured horizontal wells in tight oil reservoirs with micro-fractures.