To address the high power consumption associated with image refresh operations in EPDs, this paper proposes a low-power driving waveform that reduces the refresh power of EPDs by lowering the system’s peak power. Compared to traditional waveforms, this waveform first activates the particles before erasing them, thus reducing voltage polarity changes. Additionally, it introduces a specific duration of 0 V voltage during the activation phase based on the physical characteristics of the electrophoretic particles to reduce the voltage span. Finally, a particular duration of 0 V voltage is introduced during the erasure phase to minimize the voltage span while ensuring the stability and consistency of the reference gray scale. The experimental results demonstrate that, in standard power tests, the new driving waveform reduces the power fluctuation value by 1.33% and the energy fluctuation value by 37.24% compared to the traditional driving waveform. This reduction in refresh power also mitigates screen flicker and ghosting phenomena.