Vertical well with hydraulic fractures is applied to develop coal-bed methane reservoir. Besides, due to the existence of adsorption, desorption and diffusion, it can induce large errors to analyze well performance of coal-bed methane with conventional binomial production equation. Therefore, in terms of natural fractured coal-bed methane reservoir, this paper initially establishes the equivalent continuous medium model with consideration of adsorption, desorption and diffusion using parallel-plate theory, equivalent seepage resistance principle.This new model can convert fractured dual-porosity coal-bed methane reservoir into homogeneous gas reservoirs characterized with certain equivalent permeability.It also can be simplified to various conventional gas reservoirs with special values of the relevant parameters.Taking the desorption and diffusion of coal-bed methane into consideration, IPR curves are different from that of conventional gas reservoirs,the smaller the Langmuir pressure, the deeper the curve concaves and the larger the absolute open-flow potential,while the smaller the Langmuir volume or the smaller the diffusion coefficient, the deeper the curve concaves and the smaller the absolute open-flow potential.Through the actual comparative analysis, the error of this model is less than 10% and this model has certain practical value.