In this research, the oil-gas two-phase flow model for a double-porosity media formation with permeability-stress sensitivity was first established for three kinds of outer boundaries. The unified governing equation was deduced by utilizing the H function. The nonlinear mathematical model in consideration of permeability-stress sensitivity was linearized by implementing the canonical perturbation transformation and then solved by using the Laplace transformation. After that, a sequence of typical log-log curves of pressure dynamics influenced by various model parameters were plotted and analyzed. These curves reflect the typical characteristic of a V shape caused by the inter-porosity fluid flow from matrix toward natural fractures. Oil saturation and permeability-stress sensitivity coefficient have much influence on the pressure dynamics. Ultimately, the established model of oil-gas two-phase flow was validated through a well-test fitting interpretation for a real condensate gas well in a sandstone formation. This research can offer insights into the pressure dynamics dominated by the oil-gas two-phase flow in naturally fractured formations and the permeability-stress sensitivity effect.