Widespread problem in hydraulic fracturing of low-permeability reservoir is difficulty of crack initiation of fracturing, high initiation pressure of fracturing put forward higher requirements of fracturing equipment. Low-permeability reservoir for the study, in the fluid-solid coupling conditions, established a low-permeability reservoir perforation mechanical model of stress, using numerical solution techniques, consider the dynamic effects, we can achieve the stress distribution at different stages: drilling, well cementation, perforation and fracturing in low-permeability reservoir. With rock tensile fracture criterion can determine the initiation location and initiation pressure. The results show that the lower the degree of pollution in perforating hole, the smaller the pressure from the crack initiation as well as the higher the degree of pollution in perforating hole, the larger the pressure from the crack initiation. Orientation, diameter and depth of perforating hole effect on crack initiation and extension are more significant.