For tight reservoirs, horizontal wells and multi-stage fracturing can generate a complex fracture network that realizes economic and effective development. The volume and complexity of the fracture network are of great significance to accurately predicting the productivity of tight oil wells. In this work, a mathematical model of a multiphase flow is proposed to evaluate the stimulation effect based on the early flowback data. The model showing the early slope of the material balance time (MBT) and production balance pressure (RNP) can help estimate the effective stimulated volume of the horizontal well. The linear flow region can be determined from the slope of the log−log plot of the MBT versus RNP curve, which equals 1. The method is verified by commercial simulation software, and the calculated stimulated volume is consistent with the statistical results of simulation results. Results also show that the flow pattern of the fracture−matrix system can be judged by the slope of the flowback characteristic curve in the early stage of flowback, and then the complexity of the fracture network can also be obtained. The proposed method can provide an avenue to evaluate the fracturing work using the flowback data quickly.