Recently, low-permeability (tight) gas condensate and oil reservoirs have been the focus of exploitation by operators in North America. Multifractured horizontal wells (MFHWs) producing from these reservoirs commonly exhibit long periods of transient flow, during which two-phase flow of oil and gas begins because of well flowing pressures dropping to less than saturation pressure. History matching and forecasting of such wells can be rigorously performed by use of numerical simulation, but this approach requires significant data and time to set up. Analytical methods, although requiring fewer data and less time to apply, have historically been developed only for single-phase-flow scenarios. In this work, a novel and rigorous analytical method is developed for history matching and forecasting MFHWs experiencing multiphase flow during the transient and boundary-dominated flow periods.