The impulse wave generated by the reservoir landslide seriously endangers the surrounding safety. In this paper, the failure mode of a large deposit in Rumei Reservoir, China was first explored by centrifuge test. Thereafter, a physical model based on Froude similarity (scale 1:200) and a numerical model based on fluid‒solid coupling were constructed. The failure motion process and the generated impulse waves of the deposits at high (2895 m) and low (2750 m) water levels are studied in detail. The results of the two models are similar. The velocity and wave height of the deposits at the 2750 m water level are greater than those at the 2895 m water level. The maximum wave heights generated in the river under both conditions exceed 46 m and 22 m, respectively, and the maximum run-ups formed on the opposite bank are 71 m and 30 m, respectively. This also suggests that landslides in the near field area are dangerous. Waves at both water levels will not overtop the dam, but attention should be given to the effect of the first wave at the 2895 m water level on the dynamic water pressure in the key area of the dam.