The oil-water two-phase flow pressure-transient analysis model for polymer flooding fractured well is established by considering the comprehensive effects of polymer shear thinning, shear thickening, convection, diffusion, adsorption retention, inaccessible pore volume and effective permeability reduction. The finite volume difference and Newton iteration methods are applied to solve the model, and the effects of fracture conductivity coefficient, injected polymer mass concentration, initial polymer mass concentration and water saturation on the well-test type curves of polymer flooding fractured wells are discussed. The results show that with the increase of fracture conductivity coefficient, the pressure conduction becomes faster and the pressure drop becomes smaller, so the pressure curve of transitional flow goes downward, the duration of bilinear flow becomes shorter, and the linear flow appears earlier and lasts longer. As the injected polymer mass concentration increases, the effective water phase viscosity increases, and the pressure loss increases, so the pressure and pressure derivative curves go upward, and the bilinear flow segment becomes shorter. As the initial polymer mass concentration increases, the effective water phase viscosity increases, so the pressure curve after the wellbore storage segment moves upward as a whole. As the water saturation increases, the relative permeability of water increases, the relative permeability of oil decreases, the total oil-water two-phase mobility becomes larger, and the pressure loss is reduced, so the pressure curve after the wellbore storage segment moves downward as a whole. The reliability and practicability of this new model are verified by the comparison of the results from simplified model and commercial well test software, and the actual well test data.