The water huff-n-puff (WHP) method is widely used for improving oil recovery in tight reservoirs. However, the poor flow conductivity and low sweep efficiency of the matrix restrict the oil recovery performance of this method. Herein, N2-assisted water huff-n-puff (NAWHP) was proposed to improve oil recovery under reservoir conditions. First, the feasibility of NAWHP for tight reservoirs was investigated by comparing the enhanced oil recovery (EOR) performance with that of WHP and N2 huff-n-puff (NHP). The core flooding experimental results revealed that NAWHP facilitated oil recovery improvement, outperforming the existing practice of water or N2 huff-n-puff injection. Thereafter, with the aid of nuclear magnetic resonance (NMR) technology, the application of NAWHP could significantly enhance oil recovery in fractured tight cores, which mainly increased oil recovery from micro- and nanopores in the matrix. Specifically, for submicron pores and micropores, after three cycles of NAWHP, the recovery efficiency increased by 21.35% and 36.19%, respectively, while the recovery only increased by 14.34% and 24.8%, respectively, during WHP. For nanopores and micro/nanopores, the use of WHP increased the total oil recovery by only 4.71%, while the use of NAWHP increased the total oil recovery threefold. Finally, a series of numerical simulations were conducted to explore the effects of different parameters on oil recovery by NAWHP. The results illustrated that a high N2–water ratio (NWR) positively affected the overall oil recovery, but the higher the NWR was, the more difficult to extract the oil below the injection layer. By injecting 13,000 m3 of N2, the maximum swept volume was achieved for the matrix, and water filled the major fractures after injecting 11,000 m3, effectively accomplishing this task. Increasing the soaking time positively influenced oil recovery, N2 diffusion within the matrix led to an even distribution over 50 days, and water imbibition caused a significant increase in the oil saturation in hydraulic fractures within 30 days. The application of NAWHP increased the number of huff-n-puff cycles of water from a maximum of 3–5.