In this paper, techniques have been developed to interpret three-phase relative permeability and water–oil capillary pressure simultaneously in a tight carbonate reservoir from numerically simulating wireline formation tester (WFT) measurements. A high-resolution cylindrical near-wellbore model is built based on a set of pressures and flow rates collected by dual packer WFT in a tight carbonate reservoir. The grid quality is validated, the effective thickness of the WFT measurements is examined, and the effectiveness of the techniques is confirmed prior to performing history matching for both the measured pressure drawdown and buildup profiles. Water–oil relative permeability, oil–gas relative permeability, and water–oil capillary pressure are interpreted based on power-law functions and under the assumption of a water-wet reservoir and an oil-wet reservoir, respectively. Subsequently, three-phase relative permeability for the oil phase is determined using the modified Stone II model. Both the relative permeability and the capillary pressure of a water–oil system interpreted under an oil-wet condition match well with the measured relative permeability and capillary pressure of a similar reservoir rock type collected from the literature, while the relative permeability of an oil–gas system and the three-phase relative permeability bear a relatively high uncertainty. Not only is the reservoir determined as oil-wet but also the initial oil saturation is found to impose an impact on the interpreted water relative permeability under an oil-wet condition. Changes in water and oil viscosities and mud filtrate invasion depth affect the range of the movable fluid saturation of the interpreted water–oil relative permeabilities.