AbstractHydrate reservoirs in the South China Sea belong to muddy silt‐type hydrate reservoirs with low permeability. Horizontal well fracturing is one of the main stimulation methods for low‐permeability oil and gas reservoirs. For muddy silt‐type hydrate reservoirs, the stability and effectiveness of hydraulic fractures may be a severe problem due to poor reservoir cementation, reservoir deformation, and sand production. In this paper, the time variability of fracture conductivity is considered for the first time. According to the geological data at offshore gas hydrate production test site in the South China Sea, a multilayer hydrate reservoir model was established, and the influence of the time variable fracture conductivity on the production behavior in the process of horizontal well fracturing was analyzed. The simulation results show that, compared with the case of constant fracture conductivity, the gas production rate with the case of time variable fracture conductivity is greatly reduced, and the 5‐year cumulative gas production is reduced by 49.9%. Sensitivity analysis shows that the larger the initial fracture conductivity, the higher the peak gas production rate; the larger the attenuation magnitude of the fracture conductivity, the lower the gas production rate in the late production period; the larger the decline rate coefficient of the fracture conductivity, the higher the gas production rate in the early production period. The analysis of the orthogonal experimental design shows that the influence of the attenuation magnitude of fracture conductivity, the initial conductivity of fracture, and the decline rate coefficient of fracture conductivity on the cumulative gas production decreases in order. The actual production process should try to avoid excessive attenuation magnitude of fracture conductivity, while improving the initial fracture conductivity as much as possible to ensure high cumulative gas production.