The invention relates to a temperature profile simulation experimental device and method of a horizontal well fractured by a two-phase gas reservoir, and belongs to the field of oil and gas exploitation. The temperature profile simulation experimental device comprises a gas supply module, a reservoir module, a wellbore module, a DTS module, a liquid supply module, a recovery module, a flow regulation module, and a dry module. According to the temperature profile simulation experimental device and method, different fracture parameters of the horizontal well fractured by simultaneous productionof gas and water and temperature distribution at the time of production under gas-water ratio distribution can be simulated, thus the fracture parameters, effect laws of gas-water ratio distribution on temperature profile of the horizontal well fractured by the two-phase gas reservoir are found, a quantitative diagnosis method of the fractured horizontal well water outlet location based on temperature profile test is provided, the experimental evidence of production profile interpretation, water outlet location diagnosis and fracturing reconstruction evaluation of the horizontal well fracturedby the two-phase gas reservoir is provided, and it is of great significance to improve high-efficient development of oil and gas reservoirs in China.