Since the production regime of shut-in after fracturing is generally adopted for wells in shale oil reservoir, a shut-in pressure drop model coupling wellbore-fracture network-reservoir oil-water two-phase flow has been proposed. The model takes into account the effects of wellbore afterflow, fracture network channeling, and matrix imbibition and oil exchange after stop of pumping. The simulated log-log curve of pressure-drop derivative by the model presents W-shape, reflecting the oil-water displacement law between wellbore, fracture network and matrix, and is divided into eight main control flow stages according to the soaking time. In the initial stage of pressure drop, the afterflow dominates; in the early stage, the pressure drop is controlled by the cross-flow and leakoff of the fracture system, and the fractures close gradually; in the middle stage of pressure drop, matrix imbibition and oil exchange take dominance, and the fracturing fluid loss basically balances with oil replaced from matrix; the late stage of pressure drop is the reservoir boundary control stage, and the leakoff rate of fracturing-fluid and oil exchange rate decrease synchronously till zero. Finally, the fracture network parameters such as half-length of main fracture, main fracture conductivity and secondary fracture density were inversed by fitting the pressure drop data of five wells in Jimsar shale oil reservoir, and the water imbibition volume of matrix and the oil replacement volume in fracture were calculated by this model. The study results provide a theoretical basis for comprehensively evaluating the fracturing effect of shale oil horizontal wells and understanding the oil-water exchange law of shale reservoir after fracturing.