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Huff-n-puff by water has been conducted to enhance oil recovery after hydraulic fracturing in tight/shale oil reservoirs. However, the mechanisms and capacity are still unclear, which significantly limits the application of this technique. In order to figure out the mechanisms, the whole process of pressurizing, high-pressure soaking, and depressurizing was firstly discussed, and a mechanistic model was established. Subsequently, the simulation model was verified and employed to investigate the significances of high-pressure soaking, the contributions of different mechanisms, and the sensitivity analysis in different scenarios. The results show that high-pressure soaking plays an essential role in oil production by both imbibition and elasticity after hydraulic fracturing. The contribution of imbibition increases as the increase in bottom hole pressure (BHP), interfacial tension, and specific surface area, but slightly decreases as the oil viscosity increases. In addition, it first decreases and then slightly increases with the increase in matrix permeability. The optimal soaking time is linear with the increases of both oil viscosity and BHP and logarithmically declines with the increase in matrix permeability and specific surface area. Moreover, it shows a rising tendency as the interficial tension (IFT) increases. Overall, a general model was achieved to calculate the optimal soaking time.