During the development of tight gas reservoir, the irreducible water saturation, rock permeability, and relative permeability change with formation pressure, which has a significant impact on well production. Based on capillary bundle model and fractal theory, the irreducible water saturation model, permeability model, and relative permeability model are constructed considering the influence of water film and stress sensitivity at the same time. The accuracy of this model is verified by results of nuclear magnetic experiment and comparison with previous models. The effects of some factors on irreducible water saturation, permeability, and relative permeability curves are discussed. The results show that the stress sensitivity will obviously reduce the formation permeability and increase the irreducible water saturation, and the existence of water film will reduce the permeability of gas phase. The increase of elastic modulus weakens the stress sensitivity of reservoir. The irreducible water saturation increases, and the relative permeability curve changes little with the increase of effective stress. When the minimum pore radius is constant, the ratio of maximum pore radius to minimum pore radius increases, the permeability increases, the irreducible water saturation decreases obviously, and the two-phase flow interval of relative permeability curve increases. When the displacement pressure increases, the irreducible water saturation decreases, and the interval of two-phase flow increases. These models can calculate the irreducible water saturation, permeability and relative permeability curves under any pressure in the development of tight gas reservoir. The findings of this study can help for better understanding of the productivity evaluation and performance prediction of tight sandstone gas reservoirs.