A water control and flow limiting device (4) comprises a base pipe (41), an outer sheath (42), an adaptive regulator (44), and a flow controller (45). An oil overflow groove (411) and a water overflow hole (412) are separately formed on a pipe wall of the base pipe (41). The oil overflow groove (411) is close to an inlet end of the base pipe, and the water overflow hole (412) is close to an outlet end of the base pipe. The outer sheath (42) is sleeved outside the base pipe. The outer sheath and the base pipe are coaxially arranged. An annular space (43) is formed between the outer sheath and the base pipe. A front end of the outer sheath is provided with a double-layer sand-filtering groove (421) and a sand prevention filtering net (422). The adaptive regulator (44), corresponding to the oil overflow groove and the water overflow hole, is disposed in the annular space, and is provided with an oil flowing channel (444) and a water flowing channel (445) separately, and separates oil from water and controls the separation; the adaptive regulator has an initial position and a working position relative to the oil overflow groove. The flow controller (45), corresponding to the adaptive regulator, is installed at the inlet end of the base pipe, is connected to the outer sheath, and is used for adjusting a liquid inflow amount of an oil well according a yield of the oil well, so as to implement adaptive flow adjustment.