The invention discloses a method for establishing a waterflooding extraction predictable physical model of a sandstone oil deposit, which comprises the steps of: according to the characteristics of oil and water two-phase interstitial flow of the three-dimensional oil deposit, establishing similarity criterions of water-driven development simulation of the oil deposit, wherein the similarity criterions comprise shape and space similarity, shaft geometric similarity, rock physical property similarity, oil and water viscosity similarity, dynamical similarity, time similarity, saturation degree distribution similarity and potential distribution similarity; providing a realizing path of the similarity criterions, and designing a physical model according to the similarity criterions; and making the physical model. The invention provides a set of novel perfect technical method for simulating and predicting the oil and water interstitial flow and water injection development process of the sandstone oil deposit by using a physical simulating means.