Abstract: The hydraulic fractures of multi-stage fractured horizontal wells in shale gas reservoirs have strong stress sensitivity, and the stress sensitivity of hydraulic fractures is obviously different during fracturing fluid flowback stage and shale gas production stage. Studying the difference of stress sensitivity of hydraulic fractures during the two stages is of great reference significance for the evaluation of fracturing effect and the optimization of fracturing system of shale gas wells. Firstly, based on the seepage flow theory, the seepage flow models considering the stress sensitivity of hydraulic fractures during the fracturing fluid flowback stage and the shale gas production stage are established respectively. By defining the new pseudo pressure, the models are linearized, and their pressure solutions are obtained. Secondly, the improved pressure deconvolution algorithm is introduced to normalize the dynamic production data of variable flow rate and variable pressure with oscillation and errors during the two stages respectively. Finally, a typical curve analysis method is developed to evaluate the difference of hydraulic fracture stress sensitivity during the two stages. By using the method, analysis of dynamic production data from fracturing fluid flowback stage and shale gas production stage is performed respectively for a well in Duvernay shale gas reservoir. The permeability modulus that represents the hydraulic fracture stress sensitivity during the two stages is interpreted simultaneously for the first time. It is found that the permeability modulus of hydraulic fracture during the flowback stage is about 3 times that in the shale gas production stage, which is consistent with the analysis result of laboratory experimental data. Curves for the relationship between the real bottom hole flowing pressure and the fracture conductivity during the two stages are obtained. It is also found that the initial fracture conductivity interpreted by considering the stress sensitivity of hydraulic fractures is stronger than that interpreted without considering the stress sensitivity of hydraulic fractures. In addition, not considering the stress sensitivity of hydraulic fractures during the shale gas production stage will seriously affect the interpretation results of daily shale gas production decline; however, it only has a great impact on the cumulative production before about 70 days of production time, but as the production time continues to increase, its impact is negligible.