Abstract: Gravity assistance is a critical factor influencing CO2–oil mixing and miscible flow during EOR and CO2 geological storage. Based on the Navier–Stokes equation, component mass conservation equation, and fluid property–composition relationship, a mathematical model for pore-scale CO2 injection in oil-saturated porous media was developed in this study. The model can reflect the effects of gravity assistance, component diffusion, fluid density variation, and velocity change on EOR and CO2 storage. For non-homogeneous porous media, the gravity influence and large density difference help to minimize the velocity difference between the main flow path and the surrounding area, thus improving the oil recovery and CO2 storage. Large CO2 injection angles and oil–CO2 density differences can increase the oil recovery by 22.6% and 4.2%, respectively, and increase CO2 storage by 37.9% and 4.7%, respectively. Component diffusion facilitates the transportation of the oil components from the low-velocity region to the main flow path, thereby reducing the oil/CO2 concentration difference within the porous media. Component diffusion can increase oil recovery and CO2 storage by 5.7% and 6.9%, respectively. In addition, combined with the component diffusion, a low CO2 injection rate creates a more uniform spatial distribution of the oil/CO2 component, resulting in increases of 9.5% oil recovery and 15.7% CO2 storage, respectively. This study provides theoretical support for improving the geological CO2 storage and EOR processes.