The invention discloses a reservoir permeability-increasing method of water pressure blasting crack initiation and CO2 carried with proppant fracturing. The method comprises the steps of charging, water injection and hole sealing, water pressure blasting and supercritical or liquid-state CO2 fracturing, wherein well drilling and well cementation are conducted before charging, and well drilling is formed by means of a production casing; when necessary, at least one intermediate casing is arranged between a surface casing and a production casing; before fracturing is conducted, by means of a sand mixing pump, fully mixing is conducted on ceramsite proppant and supercritical or liquid-state CO2 according to the set ratio, and necessary additives are added to form spare fracturing fluid; during the fracturing, real-time monitoring on fracture extending is conducted by means of a microseismic monitor to monitor the range of influence of cracks accurately. The reservoir permeability-increasing method of water pressure blasting crack initiation and CO2 carried with proppant fracturing has the advantages that advantages that two types of permeability-increasing methods are fully utilized, permeability characteristics of a low-permeability oil-gas reservoir are effectively improved, oil and gas production is greatly improved, the service life of an oil and gas well is prolonged, and safety, effectiveness and green and environmental protection are achieved.