Understanding the CO2 displacement mechanism in ultra-low-permeability reservoirs is essential for improving oil recovery. In this research, a series of displacement experiments were conducted on sandstone core samples from the Chang 6 reservoir in the Huaziping area using a multifunctional core displacement apparatus and Nuclear Magnetic Resonance (NMR) technology. The experiments were designed under conditions of constant pressure, variable pressure, and constant effective confining stress to simulate various reservoir scenarios. The results indicated that the distribution characteristics of the pore structure in the rock samples significantly influenced the CO2 displacement efficiency. Specifically, under identical conditions, rock cores with a higher macropore ratio exhibited a significantly enhanced recovery rate, reaching 68.21%, which represents a maximum increase of 31.97% compared to cores with a lower macropore ratio. Though fractures can facilitate CO2 flowing through pores, the confining pressure applied during displacement caused a partial closure of fractures, resulting in reduced rock permeability. Based on the oil-to-gas ratio and oil recovery in the outlet section of the fractured rock samples, the CO2 displacement process exhibited five stages of no gas, a small amount of gas, gas breakthrough, large gas channeling, and gas fluctuation. Although the displacement stage of different cores varies, the breakthrough stage consistently occurs within the range of 2 PV. These insights not only enhance our understanding of CO2 displacement mechanisms in low-permeability reservoirs but also provide actionable data to inform the development of more effective CO2-EOR strategies, significantly impacting industrial practices.