With the continuous increase of exploration and development efforts and the gradual improvement of technical means, ultra-deep reservoirs with formation depth greater than 6000 m have gradually entered the development field of vision. The number of ultra-deep wells and the reserves of ultra-deep reservoirs in Tarim Oilfield are among the best in China. Fuyuan 210 fracture zone reservoir is a carbonatite seam-hole type reservoir controlled by the strike-slip fracture, the reservoir is controlled by the fracture spreading, showing strong non-homogeneity, the different development scale and combination of caves, cracks and small pores constitute different types of reservoirs with different storage and seepage properties, and there are different connections between the reservoir and the bottom water, which makes the production dynamics of the wells, the time of seeing water, and the change rule of water content also complex and variable. The production dynamics of oil wells, the time of seeing water, and the change rule of water content are also complicated and variable. The development situation of Fuyuan 210 fault zone tends to a stable production stage. Due to the adjustment of injection and production, the comprehensive water cut has decreased, and the formation energy has been effectively recovered after water injection. However, the water breakthrough of water injection has been intensified, and the water cut has increased sharply to 60% after water breakthrough, which has caused the loss of fractured reservoir reserves and reduced the overall recovery rate of the fault zone, and there are problems such as low sweep efficiency, low oil exchange rate and poor economic benefits. Combined with the geological parameters of Fuyuan 210 fault zone, the component model of reservoir numerical simulation is established, and the development effects of water injection and nitrogen injection are compared and analyzed. The results show that compared with water injection development, N2 injection development can greatly reduce water content (30%), and the cumulative oil production reaches 8.5 × 104 m3, which is more than 52% higher than that of water injection development. Compared with injecting CO2 and natural gas, it can achieve better economic development effect. However, for carbonate reservoirs, the dominant channel makes the injected gas break through the production well earlier, which leads to the rapid increase of the production gas-oil ratio, and a large amount of N2 is produced without full contact with crude oil. During gas injection production, we should pay attention to the change of gas-oil ratio and set a certain threshold (1500 m3/m3), and stop gas injection or change to water injection when it rises rapidly. This study provides a scientific basis for the development of ultra-deep carbonate reservoirs.