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CO₂ flooding not only triggers an increase in oil production, but also reduces the amount of CO₂ released to the atmosphere (by storing it permanently in the formations). It is one of the best ways to use and store CO₂. This paper firstly selects the key factors after analyzing the factors influencing the CO₂ storage potential in the formations and oil recovery, and then introduces a series of dimensionless variables to describe reservoir characteristics. All influencing factors with varying values are calculated through a Box-Behnken experimental design. The results are interpreted by a response surface method, and then a quick screening model is obtained to evaluate the oil recovery and CO₂ storage potential for an oil reservoir. Based on the evaluation model, sensitivity analysis of each factor is carried out. Finally, research on CO₂ sequestration and flooding in a typical reservoir indicates that the evaluation model fits well with the numerical simulation, which proves that the evaluation model can provide criteria for screening attractive candidate reservoirs for CO₂ sequestration and fl ooding.