Through reviewing the generation process and essential characteristics of waterflooding curves, the essence and characteristics of Zhang Jinqing waterflooding curve and Yu Qitai waterflooding curve recommended in Chinese Petroleum Industry Standard “Calculation methods for Recoverable Oil Reserves (SY/T5367—1998)” were discussed, and some technical issues related to the curves were examined in-depth. We found that: (1) All the waterflooding curves are based on empirical formulas derived from oilfield production experience and statistics methods, and can characterize oil displacement features by water quite well. (2) A new waterflooding curve can be derived by combining waterflooding parameters and using different mathematical calculations as long as the parameter combinations and mathematical operation meet a linear relationship, so proposing new waterflooding curves by changing the combination mode has no practical significance anymore. (3) The upwarp of waterflooding curve in the extremely high water cut stage is because the mobility ratio curve has an inflection point with the rapid rise of water cut after reaching a certain value, and the later rapid rise of mobility ratio changes the original two-phase flow dynamics. (4) After entering into water cut stage, all the waterflooding curves with linear relationship can be used to make prediction, even curves with inflection points, as long as they have a straight section above the inflection point. (5) Actual data of waterflooding oilfields has proved that Type A, Zhang Jinqing and Yu Qitai waterflooding curves all can predict accurately oil recoverable reserves in extremely high water cut stage and can be promoted.