The water cut (WC) has a significant effect on the flow parameters, such as liquid holdup, liquid phase velocity, and flow regimes of the low-viscosity oil–gas–water slug flow, and it can change the vibration characteristics of piping systems. To study the effect of water cut on the vibration characteristics of piping systems conveying such internal flow, a new dynamic model is developed. Galerkin’s method is used to discretize the equation and determine the natural frequencies by solving for the eigenvalues of the equation coefficient matrix. The results show that in the range of 10–90% WC, the natural frequency increases and then decreases, and the turning point occurs near the phase inversion region (WC = 40–60%). The main reason is the highly effective viscosity in the phase inversion region, which leads to an increase in the liquid holdup. The natural frequency increases and then decreases with superficial gas velocity, and the inflection point decreases with the increase in water cut in the oil-based flow regime and increases with the increase in water cut in the water-based flow regime. The critical gas velocity is lowest near the phase inversion region, but it should be noted that the presence of the critical gas velocity is related to the pipe length and superficial liquid velocity. The results of the study provide a reference for the design of safe pipeline operation.