In view of the virtual mass force, the annulus pressure, the gas-liquid resistance, the gas slippage, the annulus void fraction and other factors, the mathematical model for annular multiphase pressure wave velocities of automatic kill in fractured formation, was proposed based on the small perturbation theory. With the Pengzhou PZ-5-3D well (vertical depth 5 827 m) as an example, the model was solved programmatically with the semi-explicit difference method. The results show that, the gas from the fractured formation is characterized by the slug flow. With the increase of the void fraction, the pressure wave velocity first decreases and then increases. For a void fraction between 0% and 16%, the pressure wave velocity is mainly of liquid slug, and decreases sharply. For a void fraction between 16% and 40%, the pressure wave velocity tends to be flat and constant. For a void fraction between 42% and 100%, the pressure wave velocity shows an increasing trend, and is mainly of bubble slug. With the decrease of the annulus well depth, the void fraction decreases and the pressure wave velocity falls. The pressure wave velocity increases with the back pressure of the kill circulating exhaust wellhead. For an annular void fraction between 0% and 13%, the gas slippage velocity has little influence on the pressure wave velocity. For an annular void fraction between 13% and 85%, the pressure wave velocity decreases with the gas slippage velocity. The time interval of the throttle valve follows the response time of the bottom hole pressure, and increases with the response time.