Fracture conductivity decline is a concern in the Tuscaloosa Marine Shale (TMS) wells due to the high content of clay in the shale. An analytical well productivity model was developed in this study considering the pressure-dependent conductivity of hydraulic fractures. The log-log diagnostic approach was used to identify the boundary-dominated flow regime rather than the linear flow regime. Case studies of seven TMS wells indicated that the proposed model allows approximation of the field data with good accuracy. Production data analyses with the model revealed that the pressure-dependent fracture conductivity in the TMS in the Mississippi section declines following a logarithmic mode, with dimensionless coefficient χ varying between 0.116 and 0.130. The pressure-dependent decline of fracture conductivity in the transient flow period is more significant than that in the boundary-dominated flow period.