Electrowetting display (EWD) is a new type of paper-like reflective display based on colored oil, which has gradually become one of the most potential electronic papers with low power consumption, fast response, and full color. However, oil backflow can occur in EWDs, which makes it difficult to maintain a stable aperture ratio. In order to improve the stability of the aperture ratio of EWDs, a new driving waveform was proposed based on analyzing the phenomenon of oil backflow. The driving waveform was composed of a shrinking stage and a driving stage. Firstly, a threshold voltage of oil splitting was calculated by analyzing the luminance curve of EWDs, which were driven by different direct current (DC) voltages. Then, an exponential function waveform, which increased from the threshold voltage, was applied to suppress oil splitting. Finally, a periodic signal combined with a reset signal with a DC signal was applied during the driving stage to maintain a stable aperture ratio display. Experimental results showed that the charge trapping effect could be effectively prevented by the proposed driving waveform. Compared with an exponential function waveform, the average luminance value was increased by 28.29%, and the grayscale stability was increased by 13.76%. Compared to a linear function waveform, the aperture ratio was increased by 10.44% and the response time was reduced by 20.27%.