For over four decades, carbon dioxide (CO2) has been instrumental in enhancing oil extraction through advanced recovery techniques. One such method, water alternating gas (WAG) injection, while effective, grapples with limitations like gas channeling and gravity segregation. To tackle the aforementioned issues, this paper proposes an upgrade coupling method named alkaline-surfactant-polymer alternating gas (ASPAG). ASP flooding and CO2 are injected alternately into the reservoir to enhance the recovery of the WAG process. The uniqueness of this method lies in the fact that polymers could help profile modification, CO2 would miscible mix with oil, and alkaline surfactant would reduce oil–water interfacial tension (IFT). To analyze the feasibility of ASPAG, a couples model considering both gas flooding and ASP flooding processes is established by using the CMG-STARS (Version 2021) to study the performance of ASPAG and compare the recovery among ASPAG, WAG, and ASP flooding. Our research delved into the ASPAG’s adaptability across reservoirs varying in average permeability, interlayer heterogeneity, formation rhythmicity, and fluid properties. Key findings include that ASPAG surpasses the conventional WAG in sweep and displacement efficiency, elevating oil recovery by 12–17%, and in comparison to ASP, ASPAG bolsters displacement efficiency, leading to a 9–11% increase in oil recovery. The primary flooding mechanism of ASPAG stems from the ASP slug’s ability to diminish the interfacial tension, enhancing the oil and water mobility ratio, which is particularly efficient in medium-high permeability layers. Through sensitivity analysis, ASPAG is best suited for mid-high-permeability reservoirs characterized by low crude oil viscosity and a composite reverse sedimentary rhythm. This study offers invaluable insights into the underlying mechanisms and critical parameters that influence the alkaline-surfactant-polymer alternating gas method’s success for enhanced oil recovery. Furthermore, it unveils an innovative strategy to boost oil recovery in medium-to-high-permeability reservoirs.