CO2 flooding is widely used in the development of low-permeability sandstone reservoirs, and the design of injection-production parameters in this process is significant. In this work, a numerical simulation model was established based on the basic geological, reservoir and well pattern parameters of a typical low-permeability sandstone reservoir in the Songliao Basin, China, to quantitatively evaluate the impacts of some key injection-production parameters on the performance of CO2 flooding. With the model, the change laws of the development indicators, such as oil production rate, oil recovery efficiency, producing gas-oil ratio and oil-CO2 exchange ratio, under different schemes of injection rate, injection gas–water slug ratio and producer bottom-hole flowing pressure were obtained and systematically analyzed. Moreover, the reasonable design ranges of the injection-production parameters were obtained. The results suggest that the higher the injection rate and the injection gas–water slug ratio are adopted, the higher the ultimate oil recovery efficiency can be achieved, but the earlier the gas breakthrough occurs, the faster the producing gas-oil ratio rises, and the lower the oil-CO2 exchange ratio is. Moreover, the higher the producer bottom-hole flowing pressure is adopted, the lower the oil recovery efficiency and the oil-CO2 exchange ratio can be obtained in the early stage of the development, but the higher they can be obtained in the late stage, and the later the gas breakthrough happens. The work provides valuable references for the design of injection-production parameters of CO2 flooding in low-permeability sandstone reservoirs.