Depletion development of ultra-deep condensate gas reservoirs in Tarim Basin is the main way of development, during which the fluid phase changes and flow characteristics are complicated. In order to reveal the reverse condensate phase transformation characteristics and fluid laws during the depletion development of condensate gas reservoirs under high temperature and pressure, the microscopic visualization flow experiment was carried out in Shunbei area of Tarim Basin. The fluid samples in the study area were selected to carry out the microscopic visualization experiments based on three microscopic models, namely, fissure-cavity, fissure-blind end and fissure-cavity, constructed by the core, cast and geological characteristics of the study area. The results show that the reversed-condensate oil exists in the form of suspended droplets, semilunar-shaped oil film, oil segments, etc. The precipitated reverse condensate oil forms longitudinal plume, droplet flow, wall-mounted creeping flow, and two-phase flow in dispersed oil section. By comparing the difference of upper and lower production flows, it is found that the reverse condensate is generally displaced by the upflowing air flow during the upper production. When the gas is produced in the lower part, the micro-pore throat with relatively low permeability in the upper part will eventually form local residual oil covered with micro-pores.