While the depletion regime for gas-condensate fields may be more cost-effective, it often results in the loss of hydrocarbon condensate, which is economically more valuable than gas, and leads to the inefficient exploitation of the field in terms of condensate production. Therefore, the development of effective exploitation systems for such fields is essential. Effective exploitation of gas-condensate fields involves achieving maximum hydrocarbon condensate production in addition to maximum gas production. From this aspect, managing the condensate factor of reservoir system during the depletion regime is a critical issue. The article experimentally and theoretically investigates the phase transitions or mutual dispersion occurrences between hydrocarbon liquid and gas mixtures that occur with a decrease in pressure at reservoir temperature during the natural depletion of gas-condensate fields. During the exploitation of gas-condensate fields, it has been observed that even at pressures higher than retrograde condensation pressure, the hydrocarbon system undergoes complex phase transitions, resulting in distinct transition points due to the mutual dispersion of hydrocarbon liquid and gas. Additionally, pVT studies conducted in the laboratory have made it possible to determine the transition points of the reservoir fluid in the “liquid in gas” and vice versa dispersion states. The research has demonstrated that dependance of gas condensate factor on pressure under given isothermal natural conditions more clearly reflects the retrograde and maximum condensation, also dispersion points of the liquid components. It was found that proportionality coefficient between condensate ratio and pressure of gas-condensate system is unique for each production facility under isothermal conditions and characterizes the stability of fluid’s dispersion state. The importance of considering such transition points when designing gas-condensate field development projects has been highlighted.