Today, a significant part of production wells’ stock has a high water cut percentage of 90% and above. Obviously, for this reason, the need to develop new and improved existing technologies for water shut-off in wells increases every year. Physico-chemical methods of water shut-off are based on the application of special reagents and compositions that plug the pathways of water inflow to the well. Depending on the mechanism and specific features of water barrier formation, isolation methods are divided into selective and non-selective. This article investigates the possibility of using hydrolyzed polyacrylonitrile as a gel-forming and precipitation-forming reagent for water shut-off technologies in production wells. A surfactant–polymer composition for the isolation of water inflow in production wells in objects with high salinity in formation water, possessing physical and chemical selectivity and providing permeability reduction only in water-saturated intervals, is proposed. The developed composition is the invert emulsion, which makes it possible to carry out treatment at a distance from the well and solve the problem of possible premature gel formation directly in the wellbore. The lowest effective concentration of HPAN in an aqueous solution for use as a gel-forming and sedimentation reagent was determined experimentally (5.0 wt% and more). The interaction of the polymer solution with a chromium crosslinker allows obtaining structured gels in the whole volume of the system. The structure of the gels was evaluated using the Sydansk classifier with the assignment of a letter code from A to J. It was experimentally proved that the structure of the obtained gels depends on the temperature and content of the crosslinking agent in the system; the more crosslinking agent in the composition of the system, the stronger the structure of the resulting gel. The optimal ratio of polymer and crosslinking agent to obtain a strong gel was obtained, which amounted to 5:1 by weight of dry polymer powder. For the HPAN concentration of 5 wt% according to the Sydansk classifier, the gel structure had the code “H”—slightly deformable non-flowing gel. The dependence of the volume of gel sediment obtained because of the interaction with mineralized water on the polymer concentration was studied. It was proved that an increase in the concentration of hydrolyzed polyacrylonitrile in the solution, as well as an increase in the concentration of calcium ions in mineralized water, leads to a larger volume of the resulting gel or precipitate and to the strengthening of the gel structure. The results of rheological studies of the developed composition, as well as experiments on thermal stability, are presented. The results of filtration tests on bulk reservoir models demonstrated the selectivity of the developed composition. The obtained value of the residual resistance factor for the oil-saturated low-permeability model was 1.49 units; the value of the residual resistance factor for the water-saturated high-permeability model was 18.04 units. The ratio of the obtained values of the residual resistance factor, equal to 0.08 (much less than 1), can characterize the developed composition as a selective material for water shut-off in producing wells. Existing technologies for water shut-off based on HPAN do not allow for making a treatment at a distance from the well and require the use of technological solutions to prevent premature gel sedimentation in the well. The developed composition makes it possible to solve the problem of premature gelation. In addition, the composition can form a blocking screen in highly permeable water-saturated zones. The development can be useful for deposits with difficult conditions (high mineralization in reservoir waters, boreholes with a horizontal end, elevated temperatures up to 80 °C).