To the present status and difficulties of complex oilfields, like low-permeability and ultralow-permeability reservoir, abnormally high formation pressure reservoir and formation vulnerability, liquid powder fracturing stimulation technology is tested in low-permeability oilfields. This paper introduced the study of the performance of liquid powder and process optimization, including the performance optimization experiment of liquid powder, formula optimization study of insulating liquid, design of the ignition process and optimization design of construction process. The loading rate of the optimal liquid powder increased significantly so as to meet the fracture of abnormally high-pressure formation. Its active mechanism and characteristics are also analyzed in this paper. In FY block of Daqing Oilfield, the application test of liquid powder fracturing was used in six vertical wells and a horizontal well called CP-2 well (for the first time), and good results have been observed. Combined with the tests, we carried out research and analysis. Field tests show that the liquid powder fracturing stimulation technology can achieve significant stimulation goals for low-permeability oil reservoir and offer a new technological method to low-permeability oil reservoir fracturing and development.