The rheological behavior of a soft interlayer is critical to understanding slope stability, which is closely related to the water content of the soft interlayer. This study used the soft interlayer of the Permian Maokou Formation in Southwest China as an example to perform ring shear creep tests with different water content amounts. The effect of water content on the creep properties of the soft interlayer was analyzed, and a new shear rheological model was established. This research produced several findings. First, the ring shear creep deformation of the soft interlayer samples varied with the water content and the maximum instantaneous shear strain increment occurred near the saturated water content. As the water content increased, the cumulative creep increment of the samples increased. Second, the water content significantly affected the long-term strength of the soft interlayer, which decreased with the increase of water content, exhibiting a negative linear correlation. Third, a constitutive equation for the new rheological model was derived, and through fitting of the ring shear creep test data, the validity and applicability of the constitutive equation were proven. This study has developed an important foundation for studying the long-term deformation characteristics of a soft interlayer with varying water content.