Deep high-pressure fractured water-bearing gas reservoirs have characteristics such as tight reservoirs and complex gas–water relationships, and fractures are the main seepage channels during the development process. Most conventional methods for rational production allocation of gas wells in gas reservoirs do not consider geological factors such as structures and fractures, so their inadaptability to reasonable production allocation of gas wells of deep high-pressure fractured water-bearing gas reservoirs. On the basis of conventional production allocation methods, based on structural amplitude, reservoir thickness, and gas–water interface, a classification standard for high and low parts of the structure has been established. Divide the gas reservoir into the first and second regions. By fully utilizing the structural and geological characteristics of the gas well deployment area, to determine a reasonable production risk correction coefficient of the first region. characterizing the geological elements of the gas well production section, fractures, faults, interlayer, and gas–water interface, matching the spatial distribution model of each element with the geological element discrimination map library around the wellbore of a single well, and then determining the risk correction coefficient for reasonable production allocation in the second area, achieving reasonable production allocation for the gas well. The evaluation results indicate that the reasonable production allocation based on conventional production allocation methods and considering the spatial distribution model of geological factors is smaller than the evaluation results of conventional production allocation methods, avoiding the risk of rapid water breakthrough in the early stage of gas wells due to excessive production allocation, and playing a positive role in improving gas reservoir recovery.