In gas cap reservoirs underlain by bottom water, the connection between the reservoir and the aquifer leads to an increasing invasion of bottom water as reservoir development progresses. The average formation pressure of the reservoir will change, and the separated phase recovery of the gas cap reservoir with bottom water will be affected by the change in the average formation pressure. The traditional average formation pressure calculation formulas do not consider the water influx, so the accurate calculation of separated recovery cannot be obtained by those calculation methods. The development of gas cap reservoirs with bottom water presents several challenges, including the simultaneous production of oil and gas, undetermined rates of bottom water influx, and uncertain formation pressure and gas-to-oil ratios. These factors contribute to substantial discrepancies between theoretical calculations and actual observations. A more accurate and comprehensive approach is required to address these issues and enable a precise determination of the phase separated recovery in gas cap reservoirs with bottom water. The volume-deficit method is integrated with the Fetkovich quasi-steady state method for water influx. The water-influx prediction is incorporated into the material balance equation, which is further refined by introducing the Fetkovich model to enhance the estimation of the average formation pressure. The average formation pressure, once determined, is utilized in conjunction with the established relationships among this pressure, surface oil production, gas production, and the dissolved gas–oil ratio. Through the application of mass conservation principles, the varying degree of phase recovery, as influenced by fluctuations in the average formation pressure, is calculated. The precision of this refined method has been validated by a comparison with outcomes generated by simulation software. The results reveal a commendable accuracy: an error in the average formation pressure calculation is found to be merely 2.61%, while the errors in recovery degrees for gas cap gas, dissolved gas, and oil-rim oil are recorded at 2.73%, 2.94%, and 1.28%, respectively. These minor discrepancies indicate a good level of consistency and affirm the reliability of this advanced methodology, as demonstrated by passive assessments. This paper provides a method to accurately calculate the phase recovery without some oil- and gas-production data, which provides accurate data support for the actual production evaluation and subsequent development measures.