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Abstract: Reservoir damage caused by guar gum fracturing fluid and slick water seriously affects the subsequent oil and gas production. However, the invasion characteristics and retention mechanisms of fracturing fluids in the fracture-matrix zone are still unclear. In this work, a microscopic model reflecting the characteristics of the fracture-matrix zone was designed. Based on the microfluidic experimental method, the process of fracturing fluid invasion, flowback and retention in the fracture-matrix zone was investigated visually and characterized quantitatively. The factors and mechanisms affecting fracturing fluid retention in the fracture-matrix zone were analyzed and clarified. The results indicated that in the invasion process, the frontal swept range of slick water was larger than that of the guar gum fracturing fluid, and the oil displacement efficiency and damage rate were lower than those of the guar gum fracturing fluid under the same invasion pressure. With the increase in invasion pressure, the damage rate of slick water increased from 61.09% to 82.77%, and that of the guar gum fracturing fluid decreased from 93.45% to 83.36%. Before subsequent oil production, the invaded fracturing fluid was mainly concentrated in the medium-high permeability area of the fracture-matrix zone. The main resistance of slick water was capillary force, while that of the guar fracturing fluid was mainly viscous resistance. The fracturing fluid retention was most serious in the low permeability region and the region near the end of the fracture. The experimental and numerical simulation results showed that increasing the production pressure difference could improve the velocity field distribution of the fracture-matrix zone, increase the flowback swept range and finally reduce the retention rate of the fracture fluid. The retention mechanisms of slick water in the fracture-matrix zone include emulsion retention and flow field retention, while those of the guar gum fracturing fluid include viscous retention and flow field retention. Emulsion retention is caused by capillary force and flow interception effect. Viscous retention is caused by the viscous resistance of polymer, while flow-field retention is caused by uneven distribution of flowback velocity.