Cyclic water huff and puff (CWHP) has proven to be an attractive alternative to improve oil production performance after depletion-drive recovery in fractured-vuggy carbonate reservoirs. However, due to the impact of strong heterogeneity, multiple types of fractured-vuggy medium, poor connectivity, complex flow behaviors and oil-water relationship, CWHP is merely suitable for specific types of natural fractured-vuggy medium, usually causing a great difference in actual oil-yielding effect. It remains a great challenge for accurate evaluation of CWHP adaptability and quantitative prediction of production performance in fractured-vuggy carbonate reservoir, which severely restricts the application of CWHP. For this study, we firstly enable the newly developed fuzzy grey relational analysis to quantify the adaptability of CWHP. With production history of several targeted producers, the accuracy of the proposed method is validated. Based on the traditional percolation theory and waterflood mechanisms in various types of fractured-vuggy medium, a quantitative prediction model for cyclic water cut fwp and increased recovery factor ΔR is presented. The CWHP production performance is discussed by using the Levenberg-Marquardt algorithm for history matching. With a better understanding of the fwp ~ ΔR curve characteristics in different types of fractured-vuggy medium, proper strategies or measures for potential-tapping remaining oil are provided. This methodology can also offer a good basis for engineers and geologists to develop other similar reservoirs with high efficiency.