For shale oil reservoirs, the horizontal well multistage fracturing technique is mostly used to reform the reservoir in order to achieve economic and effective development. The size of the reservoir reconstruction volume and the quantitative characterization of the fracture system are of great significance to accurately predict the productivity of shale oil wells. There are few flowback models for shale oil reservoirs. To solve this problem, first, a physical model of the simultaneous production of oil, gas, and water in the early flowback stage of shale oil development is established using the material balance equation for a fracture system. Second, the physical model of the underground fracture system is simplified, which is approximately regarded as a thin cylindrical body with a circular section. The flow of the fluid in the fracture system is approximately regarded as radial flow. In this model, the expansion of the fluid and the closure of the fracture are defined as integrated storage coefficients to characterize the storage capacity of the fracture system. Then, the curves illustrating the relationships between the oil-water ratio and the cumulative oil production and between the gas-water ratio and the cumulative gas production are drawn, and the curves are used to divide the flowback stage into an early stage and a late stage because the flowback process of shale oil wells exhibits obvious stage characteristics. Finally, the reservoir reconstruction volume and the related hydraulic fracture parameters are estimated based on the material balance method, and the rationality of the model is verified via numerical simulation. The interpretation results of this novel model are more accurate, making it an effective way to evaluate the hydraulic fracture parameters and transformation effect, and it has guiding significance for the evaluation of the hydraulic fracturing effect in the field.