For horizontal well in low-permeability gas reservoir, the effects of threshold pressure gradient, stress sensitivity, and gas slippage have significant impacts on the well productivity. At present, there are few productivity formulas for horizontal gas well considering all these factors. In this paper, based on the flow analysis of horizontal well in low-permeability gas reservoir, the whole flow field was divided into two parts, namely, far wellbore region and near wellbore region, among which the far wellbore region is composed of plane linear flow region and plane radial flow region and the near wellbore region is composed of vertical plane radial flow region and spherical plane central flow region. Then, a new productivity formula is established based on the steady-state seepage theory and the equivalent seepage resistance method, with the consideration of threshold pressure gradient, stress sensitivity, and gas slippage effect. The accuracy of the formula in this paper is verified through comparing with other classical models, and the influence of various factors on the well productivity is analyzed. The analysis results show that stress sensitivity has the most significant effect on horizontal gas well production, followed by threshold pressure gradient, and the gas slippage has the least effect. With the consideration of all influencing factors, the higher the formation pressure and reservoir thickness, the higher the productivity, and the increase of productivity increases with the increase of flow pressure difference. The increasing trend of gas productivity index per meter with the increase of reservoir permeability is first fast and then slow. When the reservoir permeability is greater than 1.2 mD, the increment of gas productivity index per meter (MGPI) decreases. When the length of horizontal well is greater than 1400 m, the increment of gas productivity index per meter decreases with the increase of gas reservoir thickness. Therefore, it is recommended to control the horizontal well length within 1400 m in low-permeability gas reservoir. In addition, the absolute open flow charts corresponding to reservoir thickness and horizontal well length under different reservoir permeability conditions were also given, which can provide theoretical guidance for the selection of horizontal well length during the development of low-permeability gas reservoirs.