As a crucial strategic approach to addressing energy supply-demand challenges and safeguarding national energy security, the efficient development of shale gas has become a significant requirement within China's energy strategy. However, given that shale gas reservoirs in China are generally deeply buried, investigating the effects of supercritical CO₂ under high-temperature and high-pressure conditions on the mechanical properties and fractability of shale is of great importance for understanding enhanced deep shale gas extraction and CO₂ geological sequestration. This study focuses on the shale from the Niutitang Formation, systematically investigating the effects of fluid immersion—using supercritical CO₂, water, and a supercritical CO₂-water mixture under high temperature (100°C) and high-pressure conditions (15 MPa, 30 MPa, 45 MPa, and 60 MPa)—on the mechanical properties, mineral composition, microstructure, and fractability of shale. The results indicate that all fluids lead to the weakening of the mechanical properties of shale, with the degree of impact in descending order as follows: supercritical CO₂ + water, pure water, and supercritical CO₂. In terms of mineral composition and microstructure, supercritical CO₂ primarily promotes the development of micropores, water immersion leads to the dissolution of minerals such as feldspar and pyrite, while the combined action of supercritical CO₂ and water further exacerbates mineral dissolution and element release, forming a complex fracture network. Acoustic emission monitoring reveals that supercritical CO₂ and its combination with water promote crack propagation, with events predominantly concentrated in the unstable crack growth stage. Fractal dimension analysis further indicates significant differences in the failure modes induced by different fluids. Regarding engineering indicators, as the immersion pressure increases, supercritical CO₂ enhances the brittleness index of shale, whereas water and the supercritical CO₂-water mixture reduce brittleness due to hydration softening effects. All three fluid treatments result in an increase in the fractability index of shale with rising pressure, with the most significant enhancement observed under the supercritical CO₂-water condition. This study reveals the synergistic mechanism of supercritical CO₂ and formation water in enhancing the mechanical behavior and fracturing potential of deep shale, providing a theoretical basis for the integrated technology of green and efficient deep shale gas development and CO₂ sequestration.