Abstract: As efficient natural gas storage facilities, underground gas storages are widely used and a majority of them are reconstructed in condensate gas reservoir. In this paper, for the reconstructed gas storage in condensate gas reservoir with weak edge water, phase change in the process of gas production is analyzed. Using gas reservoir engineering method and material conservation principle, the material balance equation considering the elastic energy in gas reservoir, oil in oil ring, edge water body, retrograde condensation and other factors is established. On this basis, the curves of water energy changing with pressure are obtained. Combining the geological data and operation dynamic data of a gas storage, its water body energy and water influx are calculated and evaluated, providing a theoretical basis for water influx evaluation of reconstructed gas storage in condensate gas reservoir.