In the waterflooding development of fractured ultra-low permeability reservoirs, the heterogeneity is becoming increasingly serious. The development of large fracture channels leads to serious water channelling and low recovery, and the effect of conventional profile control is not ideal. This paper proposed gel foam composite profile control and flooding technology to solve the above problems. Herein, the new intelligent gel and foaming agent systems were optimized through laboratory experiments, and their performance was evaluated. The new intelligent gel system has the characteristics of low viscosity, easy preparation, good injection, slow cross-linking, high strength, and long-term effectiveness. The injection parameters were optimized, and the indoor injection scheme was formulated, that is, the optimal injection volumes of gel and foam slugs were 0.3 and 0.6 PV, respectively. The injection sequence of composite slugs was to inject gel slugs first, then foam slugs. The injection mode of air foam slugs was multiple rounds of small slug injection. The final recovery rate in the indoor dual tube oil displacement experiment reached 35.01%, increasing by 23.69%. Furthermore, an oil output increase of 899 t and an average water cut decrease of 5% were acquired in the oil field test. It shows that the injection scheme can effectively improve oil recovery. The gel foam compound profile control and flooding technology herein has good adaptability in similar reservoirs and has good promotion prospects.