Deep fractured carbonate gas reservoirs are characterized by low matrix porosity and permeability, diverse storage-seepage spaces, and strong heterogeneity. Depletion development may induce stress sensitivity effects, thereby constraining efficient gas reservoir exploitation. Revealing the stress sensitivity characteristics of fractured reservoirs and proposing targeted development strategies are crucial for ensuring the effective development of such gas reservoirs. Taking the Leikoupo Formation gas reservoir in the Chuanxi gas field of the Sichuan Basin as an example, a typical structural unit of storage and permeability space and a stress sensitive mathematical model were constructed to quantitatively evaluate reservoir damage. Numerical simulation of the gas reservoir was used for application analysis and development strategies were proposed. The results indicate that increasing effective stress alters pore structures and physical properties, with varying stress sensitivity impacts across different media. Fracture development dominates the intensity of stress sensitivity in fractured gas reservoirs, where stress-induced permeability damage in fracture-dominated spaces exhibits stronger persistence and severity compared to pore-dominated systems. Numerical simulations demonstrate that incorporating stress sensitivity improves history matching accuracy. Stress sensitivity effects reduce cumulative gas production by 1.19 billion m³ and decrease the recovery rate by 3.23% in the Chuanxi Lei-4 gas reservoir. For fractured carbonate gas reservoirs, gas production rates in fracture-developed zones should be appropriately controlled during early development stages to minimize stress sensitivity damage, while avoiding frequent well shut-ins. In mid-to-late development phases, optimizing production pressure differentials in fracture-underdeveloped zones can enhance production contributions. The research provides theoretical guidance for stress sensitivity characterization and development policy formulation in deep fractured carbonate gas reservoirs.