Technology of stimulated reservoir volume fracturing brings higher initial oil production in the ultra-low permeability and tight oil reservoir，but rapid decline of oil production，low cumulative oil production and poor economic effect in the depletion development and waterflooding will result in watered-out oil wells rapidly. Therefore，it is necessary to explore new effective development method of supplying energy to the reservoir. Waterflood huff and puff in the oil reservoir with stimulated reservoir volume fracturing is a new method. Three-stage model of waterflood huff and puff were built to explore the development mechanism of imbibition and unsteady driving and to deduce the corresponding oil productivity formulas. Obvious development effect of the waterflood huff and puff was studied theoretically. The major influential factors of the waterflood huff and puff were researched by oil reservoir engineering method and laboratory experiment，and the feasibility of the waterflood huff and puff was certified combined with field practice. Research results show that exchange rate and quantity of fluid between fracture and matrix has changed qualitatively in network fracturing system formed by the stimulated reservoir volume fracturing，so waterflood huff and puff has been changed from a supplementary method to a new economical and effective development method. Therefore，a new thought for effective development of ultra-low permeability and tight oil reservoir has been formed. It can be a potential development method of energy supply in the ultra-low permeability and tight oil reservoir considering its low additional cost for development and high investment benefit.