The utility model relates to a flow adjusting water control device and an oil production system. The flow adjusting water control device comprises a center pipe, a screen mesh assembly, a water control assembly and a channel, wherein the center pipe is sleeved with the screen mesh assembly used for receiving formation fluid, the water control assembly is fixedly connected with the center pipe, and the channel is located on the outer side of the center pipe and communicated with the center pipe through the water control assembly, and a gap communicated with the channel is formed between the screen mesh assembly and the center pipe. When fluid flows into the center pipe, the fluid needs to pass through the screen mesh assembly and the water control assembly. Therefore, the flow adjusting water control device has the function of filtering impurities and the function of adjusting the flow velocity of the fluid.