Phase equilibria of the supercritical (SC) and subcritical CO2-Jiangsu crude oil systems were determined at 328.15 K and 348.15 K in the pressure range 0-16 MPa. The solubility of CO2 in the crude oil increases with pressure and decreases with temperature. The solubility of the crude oil components in SC CO2 increases with pressure and temperature. The molecular weight of the oil components in SC phase can be as high as 400 g/mol. Precipitation of heavy components induced by CO2 was also investigated at 328.15 K, 338.15 K and 348.15 K in the pressure range 10-25 MPa. The amount of the precipitated heavy components is not negligible at pressures higher than 16 MPa and increases with pressure but decreases with temperature.