In this article, the recent research achievements on the theory and technology of condensate oil and gas wells stimulated by electromagnetic induction heating during middle or late exploitation period were introduced for the first time at home and abroad. A new kind of electromagnetic wave induction heating equipment XAEMH-1 was developed. Taking near wellbore zone temperature field as the main research object, which is the key factor for the condensation and retrograde vaporization during electromagnetic heating, the mathematical simulation model for a condensate oil and gas well stimulated by electromagnetic heating to eliminate blockage near wellbore region was established. A corresponding computer system was developed to dynamically predict and evaluate the efficiency of this electromagnetic heating process. Through this computer system, the near wellbore region distributions of several important factors such as temperature, pressure, condensate oil saturation and relative permeability can be described quantitatively. A condensate gas well in a late exploitation period reservoir here in China was chosen as a practical example to test the effectiveness of this new technology and some satisfactory results were obtained. These results proved that it is feasible to eliminate the near wellbore region blockage by electromagnetic heating. A new prospective stimulation method was given for the condensate oil and gas reservoirs during middle or late exploitation period.