External water level fluctuation is the major trigger causing reservoir slope failure, and therefore it is of great significance for the safety assessment and corresponding safety management of reservoir slopes. In this work, the seepage effects stemming from fluctuating external water levels are given special analysis and then incorporated into the rigorous limit equilibrium method for assessing the stability of reservoir slope. An advanced metaheuristic intelligent algorithm, the improved radial movement optimisation (IRMO), is introduced to efficiently locate the critical failure surface and associated minimum factor of safety. Consequently, the effect of water level fluctuation directions, changing rates, and soil permeability coefficient on reservoir stability are investigated by the proposed method in three cases. It is found that the clay slope behaved more sensitively in stability fluctuation compared to the silty slope. With the dropping of external water, the higher dropping speed and lower soil permeability coefficient have worse impacts on the slope stability. The critical pool level during reservoir water dropping could be effectively obtained through the analysis. The results indicate that the IRMO-based method herein could effectively realise the stability analysis of the reservoir slope in a dynamic fluctuating reservoir water level, which could provide applicable technology for following preventions.