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Reservoir parameters can be accurately obtained by well test. However, well test is a cumbersome process with a long time period and induces some influences on the oil field production. Though small-scale fracturing test can also acquire reservoirs and fracturing fracture parameters, it is not be realistic to carry out small-scale fracturing test for each well. If the fracturing operation information (fracturing operation curve) can be directly utilized for calculating reservoir parameters, the complicated study on the well test and post-fracturing pressure analysis may be avoided. In this paper, based on the fracturing operation curve and operation parameters, a new inversion model was established by employing the theories of fluid mechanics, rock mechanics and gas reservoir engineering and material balance principle. The model can be used for calculating the dynamic changes of reservoir or fracture parameters with operation time. In this paper, the fracturing operation data of two wells were used. The calculated results show that reservoir permeability around fracturing fracture decreases with the increase in operation time and the slope of curve will level off to a constant value in later. By using the results, it can not only optimize the subsequent fracturing design, but also provide the important reservoir information for the researchers of well test. It is significant to evaluate the subsequent production and allocate reasonable production capacity. Furthermore, it can avoid unnecessary yield loss.