Tight oil resources in China are mainly exploited by staged-fractured horizontal wells; horizontal wells face the problems of the rapid decline rate and low primary oil recovery. Pilot tests on the asynchronous cyclic waterflooding for the horizontal–vertical well pattern were carried out in recent years and achieved good performance. However, there are few studies on the influencing factors and parameter optimization of asynchronous cyclic waterflooding, which limits its wide application. This work took the tight oil reservoir in Yanchang formation, Fuxian area, Ordos Basin as its object, and the oil recovery mechanisms of asynchronous cyclic waterflooding for the horizontal–vertical well pattern were analyzed first. Then, the operation parameters of asynchronous cyclic waterflooding were optimized by the numerical simulation method. Among them, the injection proportion was optimized by the fuzzy synthetic evaluation method. Finally, the oilfield test was carried out based on the optimized parameters. The results showed that pressure disturbance and streamline deviation are the main oil recovery mechanisms of asynchronous cyclic waterflooding. The asynchronous mode of the diagonal well row is better than other asynchronous modes. For the injection time interval, injection–production ratio, and the injection and shut-in time, the cumulative oil production all show the trend of increasing first and then decreasing with the increase in these parameters. The optimal injection time interval and injection–production ratio are 0.5 T and 1, respectively. The optimal injection and shut-in time can be calculated by empirical formulas. Ultimately, the fuzzy synthetic evaluation model was established to optimize the injection proportion. Field practices showed that the average daily oil production of horizontal wells was increased from 1.7 to 3.0 m3 with the optimized parameters, which further verified the accuracy of the optimized parameters. This research can provide theoretical support for the effective development of tight oil reservoirs.