For constant rate production of a single well in a closed boundary fractured-vuggy carbonate reservoir, when the pressure wave propagates to the reservoir boundaries, boundary-dominated flow occurs, and the transient flow period ends, the reservoir will be in a state of pseudoequilibrium (i.e., pseudosteady state flow occurs, and the pressure at any point in the reservoir declines at the same constant rate over time). The characterization of fluid flow in the fractured-vuggy carbonate reservoir under pseudosteady state condition is of significance in describing the productivity index (PI) of the well. However, due to complex mechanisms (e.g., stress dependency of reservoir properties and crossflow between different systems of the reservoirs) during flow in fractured-vuggy carbonate reservoirs, researches on productivity prediction in fractured-vuggy carbonate reservoirs under pseudosteady state are very limited. The present work is aimed at developing a new analytical model for predicting flow in fractured-vuggy carbonate reservoirs under pseudosteady state condition. In the derived model, the crossflow between different systems (i.e., matrix, fracture, and vug) of the reservoirs was taken into account. In addition, based on Hooke’s law, a quantitative model was proposed to study stress-dependent permeability of the fracture system, which connects the reserve spaces. Moreover, the roughness morphology characteristics of fracture surface were taken into account with fractal theory. Finally, with our derived model, influences caused by various related factors on productivity were analyzed. The results show that well productivity during pseudosteady flow will be significantly affected by the morphology of fracture surface (e.g., fracture microstructure parameters) and effective stress. Specifically, due to effective stress, the fracture system in the fractured-vuggy reservoirs will be deformed, and the corresponding properties (e.g., permeability, porosity, and conductivity) will change, leading to the change of well productivity. In addition, there exists a negative relationship between the elastic storage capacity ratio of vugs and well productivity during pseudosteady flow. Moreover, a larger value of matrix-fracture interporosity flow coefficient or vug-fracture interporosity flow coefficient corresponds to a larger value of well productivity during the pseudosteady period. The new derived model is beneficial to improve the productivity prediction accuracy and reduce uncertainty. What is more, the findings of this study can help for providing theoretical reference for the design of efficient development of fractured-vuggy carbonate reservoirs.