Electrowetting Display (EWD) is a new reflective display with an outstanding performance of color video playback. However, some problems still exist and affect its performance. For instance, oil backflow, oil splitting, and charge trapping phenomena may occur during the driving process of EWDs, which would decrease its stability of multi-level grayscales. Therefore, an efficient driving waveform was proposed to solve these disadvantages. It consisted of a driving stage and a stabilizing stage. First, an exponential function waveform was used in the driving stage for driving the EWDs quickly. Then, an alternating current (AC) pulse signal waveform was used in the stabilizing stage to release the trapped positive charges of the insulating layer to improve display stability. A set of four level grayscale driving waveforms were designed by using the proposed method, and it was used in comparative experiments. The experiments showed that the proposed driving waveform could mitigate oil backflow and splitting effects. Compared to a traditional driving waveform, the luminance stability was increased by 8.9%, 5.9%, 10.9%, and 11.6% for the four level grayscales after 12 s, respectively.