As a new type of reflective display, electrowetting display (EWD) has excellent dynamic display performance, which is based on polymer coatings. However, there are still some issues which can limit its performance, such as oil backflow and the hysteresis effect which reduces the stability and response speed of EWDs. Therefore, an effective driving waveform was proposed to overcome these drawbacks, which consisted of grayscale conversions between low gray levels and high gray levels. In the driving waveform, to stabilize the EWD at any initial grayscale (low gray levels/high gray levels), an exponential function waveform and an AC signal were used. Then, the grayscale conversion was performed by using an AC signal with a switching voltage to quickly achieve the target grayscale. Finally, another AC signal was used to stabilize the EWD at the target grayscale. A set of driving waveforms in grayscale ranging across four levels was designed using this method. According to the experimental results, oil backflow and the hysteresis effect could be effectively attenuated by the proposed driving waveforms. During conversion, the response speed of EWDs was boosted by at least 9.37% compared to traditional driving waveforms.