CO 2 is now considered as a novel heat transmission fluid to extract geothermal energy. It can achieve the goal of energy exploitation and CO 2 geological sequestration. Taking Zhacanggou as research area, a “Three-spot” well pattern (one injection with two production), “wellbore–reservoir” coupled model is built, and a constant injection rate is set up. A fully coupled wellbore–reservoir simulator—T2Well—is introduced to study the flow mechanism of CO 2 working as heat transmission fluid, the variance pattern of each physical field, the influence of CO 2 injection rate on heat extraction and the potential and sustainability of heat resource in Guide region. The density profile variance resulting from temperature differences of two wells can help the system achieve “self-circulation” by siphon phenomenon, which is more significant in higher injection rate cases. The density of CO 2 is under the effect of both pressure and temperature; moreover, it has a counter effect on temperature and pressure. The feedback makes the flow process in wellbore more complex. In low injection rate scenarios, the temperature has a dominating impact on the fluid density, while in high rate scenario, pressure plays a more important role. In most scenarios, it basically keeps stable during 30-year operation. The decline of production temperature is <5 °C. However, for some high injection rate cases (75 and 100 kg/s), due to the heat depletion in reservoir, there is a dramatic decline for production temperature and heat extraction rate. Therefore, a 50-kg/s CO 2 injection rate is more suitable for “Three-spot” well pattern in Guide region.