Abstract: An experimental apparatus for simulating substance exchange between a wellbore and a formation. The apparatus includes: a wellbore simulation system, a wellbore liquid injection system, a formation simulation system, a formation fluid injection system, and a data acquisition system; the wellbore simulation system includes a vertically arranged wellbore body for simulating a wellbore; the formation simulation system includes a horizontally arranged sealing body for simulating a formation and a mortar filler filled in the sealing body; the wellbore liquid injection system is connected to the upper end of the wellbore body; the formation fluid injection system is connected to one end of the sealing body so as to inject a formation fluid into the sealing body; the other end of the sealing body is communicated with the bottom of the wellbore body; and the data acquisition system is electrically connected to the wellbore simulation system and the formation simulation system.