During the development of waterflooding oilfield, due to the reservoir heterogeneity and mismatch of injection and production parameters with the well pattern, the thief zone is developed and the ineffective circulation of injected water is serious. In order to quantitatively describe the degree of connectivity between injection wells and production wells, based on the material balance theory and superposition principle, considering the variation of bottomhole flow pressure, dynamic well connectivity model is established. And the artificial bee colony algorithm is used to solve the problem. The connectivity coefficients between different injection and production wells are obtained by solving the model. It is verified that the coefficient can reasonably characterize the dynamic connectivity between injection and production wells. In view of the problem of uneven waterflooding in water injection wells and residual oil saturation distribution in the thief zone due, based on the optimization theory, with the current production well moisture content, by using the dynamic production data of oil and water wells, an optimization method of injection and production parameters based on dynamic well connectivity model was established, which is functioned with the maximum value of oil production in the oilfield, and the optimization algorithm was used to solve the model. The application of the method shows that by using this method, the water cut is obviously controlled and the displacement efficiency of waterflooding is obviously improved. The method only needs dynamic production data of oil and water wells, which is simple and practical and could be easily used in many oilfields.