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CO₂ capture and reinjection process (CCRP) can reduce the used CO₂ amount and improve the CO₂ storage efficiency in CO₂ EOR projects. To select the best CCRP is an important aspect. Based on the involved equipment units of the CCRP, a novel techno-economic model of CCRP for produced gas in CO₂ EOR and storage project was established. Five kinds of CO₂ capture processes are covered, including the chemical absorption using amine solution (MDEA), pressure swing adsorption (PSA), low-temperature fractionation (LTF), membrane separation (MS), and direct reinjection mixed with purchased CO₂ (DRM). The evaluation indicators of CCRP such as the cost, energy consumption, and CO₂ capture efficiency and purity can be calculated. Taking the pilot project of CO₂ EOR and storage in XinJiang oilfield China as an example, a sensitivity evaluation of CCRP was conducted based on the assumed gas production scale and the predicted yearly gas production. Finally, the DRM process was selected as the main CCRP associated with the PSA process as an assistant option. The established model of CCRP can be a useful tool to optimize the CO₂ recycling process and assess the CO₂ emission reduction performance of the CCUS project.