Displacement efficiency is an important index of water drive oilfield. This article takes water drive oilfield as the object to analyze the influence factors of displacement efficiency in limit water cut stage of water drive oilfield. The displacement efficiency experimental data of 99 cores which come from 65 development wells of 34 oilfields have been collected. The authors use the method of multiple linear regression analysis to establish a new empirical formula of displacement efficiency. The relative error of the empirical formula is less than 7% compared to the experimental data.