The volume fracturing technique has been widely used to improve the productivity of ultralow-permeability reservoirs. This paper presents a new semianalytical model to simulate the pressure transient and production behaviour of finite conductivity vertical fractured wells with stimulated reservoir volume (SRV) in heterogeneous reservoirs. The model is based on the five-linear flow model, the Warren-Root model, and fracture conductivity influence function. The model is validated by comparing its results with a numerical model. One novelty of this model is its consideration of three different kinds of production prediction models. Constant rate, constant pressure, and compound working systems are taken into account. This paper illustrates the effects of the SRV size and shape, mobility ratio, initial flow rate, limiting wellbore pressure, and hydraulic fracture parameters under different working systems. Results show that the SRV and parameters of fractures have a significant influence on long-term well performance. Moreover, the initial rate can extend the constant rate period by 418%, and limiting wellbore pressure can effectively improve the cumulative recovery rate by 23%. Therefore, this model can predict long-term wells’ behaviour and provide practical guiding significance for hydraulic fracturing design.