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Abstract: For the ultra-high water-cut reservoirs, after long-term water injection exploitation, the physical properties of the reservoir change and the heterogeneity of the reservoir becomes increasingly severe, which further aggravates the spatial difference of the flow field. In this study, the displacement experiments were employed to investigate the variations in core permeability, porosity, and relative permeability after a large amount of water injection. A relative permeability endpoint model was proposed by utilizing the alternating conditional expectation (ACE) transformation to describe the variation in relative permeability based on the experimental data. Based on the time dependent models for permeability and relative permeability, the traditional oil-water two-phase model was improved and discretized using the mimetic finite difference method (MFD). The two cases were launched to confirm the validation of the proposed model. The impact of time-varying physical features on reservoir production performance was studied in a real water flooding reservoir. The experimental results indicate that the overall relative permeability curve shifts to the right as water injection increases. This shift corresponds to a transition towards a more hydrophilic wettability and a decrease in residual oil saturation. The endpoint model demonstrates excellent accuracy and can be applied to time-varying simulations of reservoir physics. The impact of variations in permeability and relative permeability on the reservoir production performance yields two distinct outcomes. The time-varying permeability of the reservoir results in intensified water channeling and poor development effects. On the other hand, the time-varying relative permeability enhances the oil phase seepage capacity, facilitating oil displacement. The comprehensive time-varying behavior is the result of the combined influence of these two parameters, which closely resemble the actual conditions observed in oil field exploitation. The time-varying simulation technique of reservoir physical properties proposed in this paper can continuously and stably characterize the dynamic changes of reservoir physical properties during water drive development. This approach ensures the reliability of the simulation results regarding residual oil distribution.