Summary In this work, we study a waterflood field containing more than 1,000 wells, and the modern field management techniques with full-fidelity 3D geocellular reservoir models become computationally prohibitive. To overcome the difficulty, we developed a novel flow-network data-driven model—the general-purpose simulator-powered network (GPSNet) model—and used it for rapid history matching and optimization. GPSNet includes physics, such as mass conservation, multiphase flow, and phase changes, while maintaining a good level of efficiency. To build such a model, a cluster of 1D connections among well completion points is constructed and forms a flow network. Multiphase fluid flow is assumed to occur in each 1D connection, and the flow in the whole network is simulated by our in-house general-purpose simulator. Next, to effectively reduce the uncertainty, a hierarchical history-matching workflow is adopted to match the production data. Ensemble smoother with multiple data assimilation (ESMDA) plays an important role in reducing the error at each history-matching step. After that, the best-matched candidate is selected for numerical optimization to maximize field oil production with constraints satisfying field conditions. Excellent history-matching results have been achieved on the field level, and good matches have also been observed for key producers. It is also worth mentioning that the history-matching process took a mere 4 hours to finish 1,100 simulation jobs. The successful application of the GPSNet to this waterflood field demonstrates a promising workflow that can be used as a fast and reliable decision-making tool for reservoir management.