Low permeability reservoirs are characterized by poor porosity, low permeability, complicated pore structure and productions, high exploitation difficulty, high costs and insufficient natural energy. Water injection as a means of enhancing recovery has been practiced worldwide for many years in the oil industry. In order to enhance the recovery of those low porosity and ultra-low permeability reservoir, advanced water injection and synchronous water injection, and other water injection methods were applied to replenish reservoir energy. In this paper, a five spot well pattern was built to optimize the appropriate injection parameters for Z23 low permeability reservoir in Shengli Oilfield. The range of injection time and injection rate were pre-established, and then the influence of injection parameter on block oil saturation, block oil recovery, total oil production, water cut and block water breakthrough time were analysed. Simulation results showed that the optimal injection time was advanced water injection 3 months and injection rate was 14m3/day in Z23. This paper provided an effective theoretical support to the development of Z23 low permeability reservoir. Meanwhile, the research method of this paper could serve as an important part in the development of this kind of low permeability reservoirs.