When fractured low-permeability reservoirs enter a high water cut period, injected water always flows along fractures, water cut speeds increase rapidly, and oil production decreases quickly in oil wells. It is difficult to further improve the oil recovery of such fractured low-permeability reservoirs. In this paper, based on the advantages of in-depth profile control and cyclic water injection, the feasibility of combining deep profile control with cyclic water injection to improve oil recovery in fractured low-permeability reservoirs during the high water cut stage was studied, and the mechanisms of in-depth profile control and cyclic waterflooding were investigated. According to the characteristics of reservoirs in Zone X, as well as the fracture features and evolution mechanisms of the well network, an outcrop plate fractured core model that considers fracture direction was developed, and core displacement experiments were carried out by using the HPAM/Cr3+ gel in-depth profile control system. The enhanced oil recovery of waterflooding, cyclic water injection, and in-depth profile control, as well as a combination of in-depth profile control and cyclic water injection, was investigated. Moreover, variations in the water cut degree, reserve recovery percentage, injection pressure, fracture and matrix pressure, and water saturation were monitored. On this basis, the mechanism of enhanced oil recovery based on the combined utilization of in-depth profile control and cyclic waterflooding methods was analyzed. The results show that in-depth profile control and cyclic water injection can be synchronized to further increase oil recovery. The recovery ratio under the combination of in-depth profile control and cyclic water injection was 1.9% higher than that under the in-depth profile control and 5.6% higher than that under cyclic water injection. The combination of in-depth profile control and cyclic water injection can increase the reservoir pressure; therefore, the fluctuation of pressure between the matrix and its fractures increases, more crude oil flows into the fracture, and the oil production increases.