Many issues with water quality and water ecology are caused by the Xinghai Lake’s enormous catchment, significant evaporation rates, and one additional water supply. To quantitatively study Xinghai Lake’s water displacement characteristics, a two-dimensional hydrodynamic-tracer coupling model based on MIKE21 was developed. The findings indicate that: (1) Xinghai Lake’s water replacement cycle exhibits spatial heterogeneity, with a general characteristic of fast water renewal in the southern lake area and slow renewal in the northern lake area, and the gradient change of the water replacement cycle from south to north is influenced by a variety of factors, including the lake’s flow field, flow, topography, and wind field. (2) The throughput flow has an impact on the majority of the waters in Xinghai Lake. When there is a high water flow, the lake region has a high flow velocity, rapid water transport, and a large capacity for water exchange; when there is a low water flow, the lake area has a slow flow velocity, poor water flow, and a lengthy water exchange period. (3) The flow field of Xinghai Lake is complicated, the flow velocity is low, and it is a lake system where quick water exchange and slow water exchange coexist. This flow field is influenced by the interplay of wind-generated flow and throughput flow. (4) To speed up the water body’s rejuvenation, the Xinghai Lake wetland needs more inlets and exits to introduce new water sources.