The invention provides a wet type combustion huff-puff oil extraction method, comprising the steps of: 1, flushing an oil well, then injecting an oxidizing agent into an oil deposit, igniting to burn coke-like components generated by the oxidization and splitting decomposition of crude oil in the oil deposit to heat an oil layer; 2, while the oxidizing agent is completed injected or is injecting, injecting water to reduce the high temperature of a near wellbore formation, and extracting oil after soaking the well for 3-10 days; 3, after extracting oil for 100-700 days, performing a next round of processes of injecting the oxidizing agent, igniting, injecting water, soaking and extracting oil. According to the method provided by the invention, the water is injected into the oil deposit after the oxidizing agent is injected, and water flow flows through a combusted area and carries heat to the deep part of the oil deposit, so that the heating range of the oil deposit is enlarged, and the peripheral temperature of the oil well is prevented from being too high. According to the wet type combustion huff-puff oil extraction method, formation water and the injected water are vaporized to generate steam, heat, smoke and steam generated by combustion are comprehensively utilized to recover in a combined manner, the output and the recovery efficiency of the crude oil are improved, and the recovery efficiency is up to more than 70%.