Abstract: In order to study the variation laws of hydraulic fracture conductivity under dual action of proppant compaction and embedment,a model of propped fracture conductivity considering combined effect of compaction and embedment was constructed.The model built on on pore compressibility theory and solid contact theory, which were also used to fit the data obtained from previous hydraulic fracture conductivity experiments.The distribution laws and influencing factors on model parameters were also discussed. The results show that the model presented here can reasonably describe the variation laws of propped fracture conductivity under the dual action of proppant compaction and embedment.The compressibility coefficient of original pore volume reveals the pore compressibility of the proppant layer.The higher compressibility coefficient will present greater variation of fracture conductivity.Larger variation of the absolute compressibility coefficient of original pore volume leads to greater change of the compressibility coefficient.The established model of hydraulic fracture conductivity under the combined compaction and embedment provides the theoretical basis for forecasting the variation laws of hydraulic fracture conductivity.