Ordos drought impacts are complex; the Geodetector model is able to explore the interaction between impact factors. Based on the drought severity index (DSI), this study explored the spatio-temporal dynamics and changing trends of drought, and analyzed the driving factors of DSI spatial differentiation by using the Geodetector model. The results show that: the evapotranspiration (ET) and normalized difference vegetation index (NDVI) in Ordos showed a significant increasing trend (p < 0.05). The increasing rates were ET (4.291 mm yr−1) and NDVI (0.004 yr−1). In addition, the interannual variation of the DSI also showed a significant increase, with a trend change rate of 0.089. The spatial pattern of ET and the NDVI was low in the southwest and high in the northeast, and the spatial pattern of potential evapotranspiration (PET) was high in the southwest and low in the northeast, while the distribution of the DSI was dry in the west and wet in the east. The spatial differentiation of the DSI was mainly affected by five factors: air temperature, precipitation, land use type, soil type, and the digital elevation model (DEM), with q exceeding 0.15, which were the main driving factors of drought in the Loess Plateau. Under the interaction of multiple factors, the four combinations of temperature and the DEM, precipitation and the DEM, sunshine duration and the DEM, and relative humidity and the DEM jointly drive drought, in which precipitation (0.156) ∩ DEM (0.248) has the strongest influence on drought occurrence, and q reaches 0.389. This study directly informs specific drought management strategies or ecological conservation efforts in the region.