Water weakening effect is proposed and divided into two specific types: wetting-drying cycles weakening and long-time saturated weakening, and their mathematical expressions are obtained by experimental researches. Then the expressions are applied to reservoir slope’s dynamic stability and deformation analysis, slope’s dynamic groundwater seepage field during reservoir operation are obtained by Geo-Studio, and then the time-varying factor of stability and the corresponding dynamic deformation process of the slope are calculated by Morgenstern-Price method and a user-defined program of FLAC3D, hence, a new method for reservoir slope’s dynamic stability analysis is presented. An ideal model of reservoir slope is presented to testify the feasibility and rationality of the proposed method. And then the method is applied to a case study in the three gorges reservoir area, and the analytical results matched actual situation well.