The invention relates to the field of underground engineering, and especially relates to a water feeding and draining system for simulating the underground water environment in a rock and soil formation. The water feeding and draining system comprises a water feeding device and a water draining device. The water feeding device comprises multiple water injection pipes which are at least partially embedded into a rock and soil formation, and the water feeding device injects water into the rock and soil formation through the water injection pipes. The water draining device comprises multiple water drainage pipes which are at least partially embedded into the rock and soil formation, and the water draining device drains water in the rock and soil formation through the water drainage pipes. Through the water feeding device and the water draining device of the water feeding and draining system, water can be injected into the rock and soil formation and water in the rock and soil formation can be drained successively or simultaneously. Thus, the static water environment and the dynamic water environment in an actual formation can be simulated effectively. The water feeding and draining system is used for formation simulation test, and can broaden the scope of test and greatly enhance the reliability of test.