Water injection for oil displacement is one of the most effective ways to develop fractured-vuggy carbonate reservoirs. With the increase in the number of rounds of water injection, the development effect gradually fails. The emergence of high-pressure capacity expansion and water injection technology allows increased production from old wells. Although high-pressure capacity expansion and water injection technology has been implemented in practice for nearly 10 years in fractured-vuggy reservoirs, its mechanism remains unclear, and the water injection curve is not apparent. In the past, evaluating its effect could only be done by measuring the injection-production volume. In this study, we analyze the mechanism of high-pressure capacity expansion and water injection. We propose a fluid exchange index for high-pressure capacity expansion and water injection and establish a discrete model suitable for high-pressure capacity expansion and water injection curves in fractured-vuggy reservoirs. We propose the following mechanisms: replenishing energy, increasing energy, replacing energy, and releasing energy. The above mechanisms can be identified by the high-pressure capacity expansion and water injection curve of the well HA6X in the Halahatang Oilfield in the Tarim Basin. By solving the basic model, the relative errors of Reservoirs I and II are found to be 1.9% and 1.5%, respectively, and the application of field examples demonstrates that our proposed high-pressure capacity expansion and water injection indicator curve is reasonable and reliable. This research can provide theoretical support for high-pressure capacity expansion and water injection technology in fracture-vuggy carbonate reservoirs.