Reservoir impoundment induces a large amount of cumulative deformation of landslide body, leading to damage to the geological environment. Due to many yearly cycles of reservoir water fluctuation, the cumulative deformation of landslides tends to be stable, showing a self-adaptive deformation phenomenon. The study of the self-adaptive deformation mechanism is very important for evaluating landslide stability and achieving the safe operation of hydropower stations. To study the mechanism of self-adaptive deformation, two sets of physical models were used to monitor the groundwater, earth pressure, and cumulative deformation of landslide under periodic fluctuations of the reservoir water level. The results showed that the soil consolidation compaction, release of sliding stress, and increase in permeability are the three main factors of the self-adaptive deformation of landslide accumulation. The overall permeability decreased first and then increased, the front permeability increased greatly, and the middle and rear permeability decreased. The main factors that affected the permeability change were deformation and seepage force.