The invention provides a numerical simulation method of a fractured-vug carbonate reservoir and belongs to the field of oil-gas field development. The method includes: 1, judging whether a representative region of the fractured-vug reservoir has fractures and caves; if not, performing single-pore medium numerical simulation to obtain a mathematical model, and going to the step 6; if yes, going to the step 2; 2, setting dimensional limits l<v1>, l<v2>, l<f1> and l<f2> of intra-medium fractures and caves of the fractured-vug reservoir; 3, according to the determined dimensional limits, dividing a medium region of the fractured-vug reservoir into small-size fractures, medium-size fractures, large-size fractures, small-size caves, medium-size caves and large-size caves according to the fractured-vug sizes l<v> and l<f>; 4, according to medium modelling rules of the fractured-vug reservoir and experimental results of representative elementary volumes, judging whether the representative elementary volumes REV<f> and REV<v> exit; if yes, going to the step 5, and if not, returning to the step 2.