Abstract: The apparent permeability of gas-water two-phase flow in the inorganic pore system of shale is a critical parameter for evaluating shale gas production and the flowback rate of fracturing fluid, and its accurate characterization provides a fundamental basis for modeling shale gas recovery. Existing apparent permeability theories generally overlook the complex pore characteristics of the inorganic pore system in shale and lack robust modeling approaches for the multiple transport mechanisms governing gas-water two-phase flow. To address these limitations, a comprehensive apparent permeability model for gas-water two-phase flow in the inorganic pore system of shale is developed based on nuclear magnetic resonance (NMR) measurements and fractal theory. The influence of water occurrence states on apparent permeability is considered, while the contributions of Darcy flow, slip flow, Fickian diffusion, and Knudsen diffusion to gas-phase permeability, as well as those of Darcy flow and slip flow to water-phase permeability, are simultaneously characterized. The accuracy and applicability of the model are rigorously validated against multiple experimental datasets. The effects of key reservoir parameters, including water saturation, reservoir pressure, the fractal dimension of pore-size distribution, and the fractal dimension of pore tortuosity, on gas and water permeabilities in the inorganic pore system of shale are theoretically analyzed. The results indicate that: For the gas phase, the permeability contributions of Darcy flow and slip flow decrease significantly with increasing water saturation, whereas those of Fickian diffusion and Knudsen diffusion are only weakly affected by water saturation. For the water phase, the permeability contributions of Darcy flow and slip flow increase proportionally with increasing water saturation. As reservoir pressure increases, the slip correction factor and the mean free path of gas molecules decrease, resulting in pronounced decreases in the permeability contributions of slip flow and Knudsen diffusion and a slight increase in that of Fickian diffusion. Consequently, the apparent gas permeability decreases. An increase in the fractal dimension of pore-size distribution increases the number of pores, resulting in substantial increases in the permeability contributions of gas-water Darcy flow, slip flow, and gas-phase Knudsen diffusion, and thereby enhancing the apparent permeabilities of both gas and water. An increase in the fractal dimension of pore tortuosity lengthens the actual transport pathways of both fluids, resulting in significant reductions in the permeability contributions of Darcy flow and slip flow and thereby decreasing the apparent permeabilities of both gas and water.