On the basis of analysis of the bottom-hole rock stress field under water jet impact, there are three types of coupling, which include the coupling of pore fluid and water jet, the coupling of pore fluid and rock matrix, and the coupling of water jet and rock matrix. The fluid-solid coupling model with the four main factors of three-dimensional in-situ stress, fluid column pressure, pore pressure, and water jet velocity is established and calculated by the finite element method and the finite volume method. The results show that the maximum principal stress of the bottom-hole increases with the increase of bottom-hole differential pressure. The maximum jet impact force is proportional to the square of the jet velocity; the pore pressures on the impact surface and along impact axis decrease in the form of cubic parabola with the increase of the distance. The local effect is obvious under water jet impact; the main affected area of the water jet is 2 times jet radius on the impact surface and 2.5 to 3.5 times jet radius along the impact axis when water jet velocity increases from 50 to 250 m/s, which is consistent with the stress wave attenuation theory. Study of the bottom-hole rock stress field under water jet impact provides a numerical research method for study of the water jet rock breaking mechanism under actual drilling conditions and the theoretical basis for faster and more efficient drilling.