Given the difficulty in developing waterflooding in tight oil reservoirs, using waterflooding huff-n-puff is an effective method to improve oil recovery. Online nuclear magnetic resonance (NMR) can detect the change in internal oil and water during the core displacement process, and magnetic resonance imaging (MRI) in real time. To improve the tight oil reservoir development effectiveness, cores with different permeability were selected for a waterflooding huff-n-puff experiment. Combined with online NMR equipment, the fluid saturation, recovery rate, and residual oil distribution were studied. The experiments showed that, for tight oil cores, more than 80% of the pores were sub-micro-and micro-nanopores. More than 77.8% of crude oil existed in the sub-micro-and micropores, and movable fluids mainly existed in the micropores with a radius larger than 1 µm. The NMR data and the MRI images both demonstrated that the recovery ratio of waterflooding after waterflooding huff-n-puff was higher than that of conventional waterflooding, and, therefore, residual oil was lower. Choosing two cycles' of waterflooding, huff-n-puff was more suitable for tight oil reservoir development. The production of crude oil increased by 22.2% in the field pilot test, which preliminarily proved that waterflooding huff-n-puff was suitable for tight oil reservoirs.