The hydraulic fracturing technology is one of the most important measures to enhance the shale gas production, and the microseismic technology is widely used in the hydraulic fracturing analysis, water flooding frontier monitoring and reservoir description. In the microseismic location process, the velocity model is usually constructed by well log, seismic data or calibration shot, which ignores the influence of fracturing process. Based on the mass conservation, seepage equation and fracture mechanics, we firstly simulate the 3D hydraulic fracturing process and get the information of fracture extension and pore pressure distribution. We take Coates-Schoenberg method and fracture compliances to approximate the influence of fractures and pore pressure on elastic parameters, thus to construct the real-time velocity model in the fracturing process. Then the 3D ray tracing method and traditional location methods are applied to forward model and invert the microseismic data. Numerical results show that, thereceiver location influences the inversion accuracy. The longer the ray trace propagates in the fracturing domain, the higher the inversion error will he. And the inversion accuracy of multi- point inversion method is similar to the single-point hodogram method.