Abstract Extraction of high-temperature geothermal resources from reservoirs is a challenge due to the complex interactions between temperature, permeability, and stress fields. Variations in physical fields are critical to thermal reservoir engineering. In this study, the coupling mechanism between temperature, permeability, and stress fields is systematically explored using theoretical analyses and numerical simulations, by utilizing the three-field coupling model. This study models the changes in porosity and permeability evolution during geothermal extraction, emphasizing the importance of the coupling term. The effects of pressure differences between injection and production wells, reservoir temperature variations, and fluid property changes on the temperature distribution and output thermal power within the geothermal reservoir were modeled and analyzed. The results reveal the significant effect of pressure differences between wells, and show that the geothermal extraction capacity of supercritical carbon dioxide (SC-CO2) is 1.83 times higher than that of water. Based on the statistical characteristics of the distribution pattern of natural fractures within the geothermal reservoir, the study simulated the distribution of natural fractures and developed a coupled THM model containing natural fractures. The results show that increasing the porosity of hydraulic and natural fractures can effectively increase the geothermal production capacity, especially the increase in the porosity of natural fractures is significant. These findings provide a key theoretical basis for understanding the THM coupling mechanism during geothermal extraction, and provide substantial support for optimizing the development and utilization of geothermal resources.