Supercritical CO₂ (SCCO₂) is considered as a promising alternative heat extraction fluid in the enhanced geothermal system (EGS) which can reduce atmospheric CO₂ emissions and water waste. However, the heat extraction performance of SCCO₂ is greatly affected by its thermophysical properties, which are high sensitivity to temperature/pressure. In this study, by considering the impacts of temperature and pressure on thermophysical properties of SCCO₂, a thermo‐hydro‐mechanical coupling numerical model was established to investigate the effects of the initial reservoir temperature as well as the SCCO₂ injection pressure and temperature on heat extraction. The variations of reservoir permeability and mass productivity as well as the net heat extraction rate (HER) were simulated by implementing the model into COMSOL Multiphysics, which showed a good consistency compared with the high‐temperature/pressure triaxial seepage experiments. Simulation results indicate that there are three distinct stages in mass productivity including the slow decline stage, the rapid increase stage, and the stabilization stage. Increasing the initial reservoir temperature or the injection temperature will reduce the net HER to varying degrees. Appropriate increase of the injection pressure and injection temperature can extend Stage 2 duration which can subsequently enhance the mass productivity and the net HER. Meanwhile, the higher injection pressure or the lower injection temperature will inhibit heat compensation within rock masses and accelerate the reservoir heat depletion. This study provides guidance for optimizing the injection parameters of CO₂‐EGS and aims to enhance the net HER while ensuring a reasonable reservoir production life.