Chunguang oilfield is a lithologic trap reservoir with edge water drive, whose horizontal well development effect is influenced by static factors and dynamic factors. In the process of production, the influences of static factors including reservoir physical properties and dynamic factors including working system, liquid production velocity on horizontal well development effects are different, and it is difficult to find main factor influencing horizontal well development effect with conventional single-factor analysis method. Combined with static and dynamic data of Chunguang oilfield, using multi-factor grey correlation analysis method, quantitative relationships between horizontal well development effect and different factors are systematically analyzed. Main factors influencing horizontal well development effect and dynamic influence laws between different factors and horizontal well development effect are clarified. Problems existed in the development process are known and it can provide the direction for future development and adjustment of Chunguang oilfield.