Stability of an ancient landslide in a reservoir area is analyzed by using centrifugal model tests, soil laboratory tests and numerical analysis. Special attention is paid to variation in water level, simulation of large-scale heterogeneous prototype slope, and strength reduction of sliding zone soils after slope sliding. The results of centrifugal model test show that reservoir impounding can reduce sliding resistance at the slope toe, followed by toe collapsing and front cracking of slope. Rapid drawdown can produce hydrodynamic pressure towards reservoir at the front of slope. Deformation is observed in the middle and upper slope, which reduces the slope stability further and forms the pull-typed landslide trend. Reinforcement of slope toe is effective for preventing the progressive failure. The results of laboratory test show that slope toe sliding will lead to the redistribution of soil density and moisture content, which will reduce the shear strength of soil in sliding zone, and the cohesion of immersed soil is reduced gradually and finally vanishes with time. The numerical results show that the strength reduction method used in finite element method (FEM) is very effective in capturing the progressive failure induced by reservoir water level fluctuations, and the evolution of failure surface derived from numerical simulation is very similar to that observed in centrifugal model test.