In the paper, factor analysis is used to screen the flow field characterization parameters, characterize the oil–water two-phase control and displacement parameter fields. The mahalanobis distance method is used to calculate the oil phase matching degree and water phase matching degree, so as to establish flow field evaluation system of high water reservoirs. By calculating oil phase matching degree and water phase matching degree of different layer flow fields, the development effect of different layer is evaluated, and the layer systems that require injection production optimization adjustment are obtained. Meanwhile, the injection and production volume were taken as variables, and the maximum cumulative oil production objective function was used to construct the injection-production optimization model. The ant colony algorithm was used to solve the injection and production model, and the optimal injection and production scheme was obtained. Taking the Rongxingtun oil reservoir as the example, the evaluation results of flow field matching show that the development effect of the 4th, 8th, and 10th layers is poor. For such layers with poor development effect, the injection-production optimization model is used to adjust the injection production scheme, and the optimal injection production scheme is obtained. Compared with the original development plan after simulating development for five years, the optimized oil production increased by 17,376 m3 and the water cut decreased by 0.0287%. The research results indicate that reservoir flow field evaluation system can quickly and accurately characterize the flow field distribution of high water cut reservoirs.