In the case without introducing characteristic squirt flow length, the reformulated BISQ mechanism combines the Biot and squirt-flow mechanism which are two important fluid flow styles in the porous media with fluid, and the relative parameters have a clear physical meaning and can be obtained or estimated from independent measurements. In this paper, the expressions of pore fluid pressure is extended to three-dimensional transversely isotropic medium with a horizontal symmetry axis (HTI medium) from one-dimensional case, combining fractured anisotropic theory, the two-phase HTI medium model based on reformulated BISQ mechanism and two-dimensional, three-component wave equations are presented. Following the equations, elastic wavefield in this medium model is simulated by the pseudo-spectral method for different frequency and phase boundary and two-layer medium cases, and then the wavefield features are analyzed. The results of numerical modeling indicate that the pseudo-spectral algorithm have highprecision and can suppress effectively grid numerical dispersion, and high-precision wavefield snapshots and synthetic seismograms can be obtained. The two-phase HTI medium model based on reformulated BISQ mechanism has the characteristics of fractured anisotropic and poroelastic medium, which will lay a foundation of further studies on seismic responses of fractured reservoir from the standpoint of two-phase anisotropic theory.