The commonly used water flooding characteristic curve in reservoir dynamic analysis usually only corresponds to a kind of water cut and recoverable reserves recovery degree, which is restricted in practical application. Two kinds of water flooding characteristic curves with similar expressions are selected, and a new water flooding characteristic curve which can represent the water rising law of convex, concave and S type is obtained by proper deformation. The relationship between water cut and recoverable reserves is deduced. Through the comparative analysis of 3 different oilfield examples, it is found that the new water drive characteristic curve is especially suitable for oil fields with high water cut period and extra high water cut stage.