Based on the water-bearing conditions and oil properties of aging heavy oil in Wangji oilfield, this paper has carried out experimental study of demulsification and dehydration. Through the research, we found that it has difficulty in demulsification and dehydration by only using demulsifiers, but has significant effect in demulsification and dehydration by adding a certain quantity of dehydration additive, FW. Furthermore, we have developed a formula of demulsification and dehydration where the mass ratio for demulsifiers of TY-1, TY-2 and TY-3 is 4:2:1 with total amount of 300 ×10-6, and the adding amount of FW is 4% . With the formula, the dehydration effect is obviously significant.