This study focused on the X block stratum oil, specifically addressing the application of CO2 displacement technology in enhancing oil recovery under high water content conditions. It systematically investigates the variation of the minimum miscibility pressure (MMP) between CO2 and formation oil at water contents of 0%, 60%, 70%, 80%, and 90%. The research employed slim-tube model simulation experiments and theoretical analysis to explore the impact of different water contents on the physical properties of formation oil and the changes in the interaction mechanism between CO2 and crude oil. The results indicate that the MMP of CO2 flooding is the lowest at 31.11 MPa in the absence of water, reaching the highest value of 37.94 MPa at 90% water content. The MMP of the CO2-formation oil system shows a significant upward trend with increasing water content in the formation, which is related to the stability of the water film, the solubility of CO2, and the interfacial tension between oil and water. Meanwhile, high water content leads to the expansion of formation oil volume, increased viscosity, and compositional changes, collectively influencing the results. This study provides theoretical support for the field application of CO2 flooding and offers critical references for optimizing the oil displacement process.