Acid fracturing, a key stimulation technology, has been widely applied in carbonate formations, which have the complex reservoir space and natural fracture. However, the conventional acid fracturing technology has limitations in target reservoir due to serious acid leakage and rapid acid-rock reaction speed. Therefore, a deep-penetration acid fracturing technology was proposed to enhance the stimulation effect. The reservoir basic physical properties, such as permeability and porosity, microstructure characteristic of pore throats, mineral composition, and rock mechanics characteristics, were systemically investigated by a series of laboratory experiments. The acid system was also optimized by evaluating rheological properties and residual acid damage. Furthermore, the most important two parameters of acid fracturing, conductivity and effective acid-etched fracture length, were obtained by numerical simulation with commercial software Fracpro PT. Based on the laboratory studies, the acid fracturing technology was applied in the field, and the production of well increased by 1.7 times after stimulation.