<p>In fractured oil and gas reservoirs, there are numerous natural fractures, which can influence the propagation of hydraulic fractures. This study considers rock deformation and fluid flow within fractures, i.e., fluid–solid coupling, and takes into account the interaction between natural fractures and hydraulic fractures, thereby establishing a two-dimensional hydraulic fracturing numerical model based on the finite element method. The study primarily investigates the propagation behavior of hydraulic fractures under the presence of natural fractures, analyzing the impact of key factors such as construction parameters (fracturing fluid injection rate) and formation parameters, including rock elastic modulus, tensile strength, horizontal stress difference, and natural fracture angle, on hydraulic fracture propagation. Simulation results show that as the injection rate increases, both the length and width of the hydraulic fractures increase, and the pressure at the injection point also gradually rises. The length of the hydraulic fracture increases with an increase in Young’s modulus, while the fracture width decreases. Tensile strength mainly influences the fracture failure mode, with less impact on the length and width of the hydraulic fractures. Additionally, when the approach angle between the hydraulic fracture and the intersecting natural fracture is small, the hydraulic fracture is more likely to propagate along the natural fracture. As the natural fracture angle increases, the fracture initiation pressure rises, and shear failure mainly occurs during the interaction between hydraulic and natural fractures. This study focuses on the impact of natural fractures on the fracture propagation mode and rock failure mechanisms during hydraulic fracturing stimulation.</p>