Compositional models were built to simulate the underground gas storage (UGS) operation, which is characterized by multiple cycles of rapid injection and production. Based on the validated model of the fractured-vuggy underground gas storage Lao Weng-Chang (LWC), this study evaluated the individual and coupling effects of stress sensitivity, relative permeability hysteresis, and high-speed non-Darcy flow on UGS operation. It was found that stress sensitivity is the main controlling factor behind the reduced working gas volume, and it led to a 6.07% decline in working gas volume. Relative permeability hysteresis is the determining factor for the storage capacity, and it led to a 9.05% decline in storage capacity. The high-speed non-Darcy flow only led to a 0.16% reduction in storage capacity but led to a 4.19% decline in working gas volume. A higher stress sensitivity coefficient and increased residual gas saturation both lead to greater losses in both storage capacity and working gas volume. Coupling stress sensitivity and relative permeability hysteresis would have a more pronounced effect on working gas volume than when considered individually. Considering the high-speed non-Darcy flow further decreases working gas volume. The gas production per unit pressure drop will also decrease with the increasing Reynolds number, and there exists a critical value of Re where the decrease significantly accelerates.