For the fractured horizontal wells with spindle and dumbbell-shaped distribution of fracture in the Changqing oil-field, 3-D scaled physical models are utilized to simulate their production performance in elastic drive and waterflooding. The experimental results indicate that the oil production and the experimental time of two models are closely exponential function. The oil production of the horizontal well with dumbbell-shaped fracture is higher, but its decline rate is faster. The productivity formula and material balance equation of closed reservoir with elastic drive are utilized to derive the exponential form of oil production. Influence factors of oil production and its decline rate are analyzed in elastic drive. In waterflooding, the water breakthrough time of the horizontal well with spindle fracture is later than the one with dumbbell-shaped fracture. And the rate of water cut increasing of the model with spindle fracture is slower. In the initial stage of waterflooding experiment, elastic drive is still the leading position, so the oil production of the model with dumbbell-shaped fracture is higher. When the cumulative water injected exceeds 0.2 PV, the recovery percent of the model with spindle fracture is higher than the one of the model with dumbbell-shaped fracture. When the percent water cut reaches 98%, the recovery percent of the model with spindle fracture is 33.67%, while the one of the model with dumbbell-shaped fracture is 27.48%.