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Considering the influence of porosity, pore pressure and filtration effect of fracturing fluid on Stress distribution around deviated wellbores, applying the generalized plain strain theory and porous elastic theory this paper establishes the predicting model of fracture initiation pressure according to the law of maximum tensile stress. The results shows: the porosity and pore pressure changes around wellbore when the fluid penetration into the porous formation and it makes fracture initiation pressure declined, if the inclination of the wellbore axis is less than 30°, the fracture breakdown pressure increases a little and it is not neglected that the fracture breakdown pressure increases remarkably account for the deviation angle is above 50°.