DO is an important index to characterize environmental water quality. The time series fluctuation of DO can be analyzed via frequency band decomposition, which is very valuable for water quality simulations. In this paper, DO in the Chengdu area of China was studied using variational mode decomposition with daily meteorological data and water quality data from 2020 to 2022. After variable decomposition, the DO data were first decomposed into different frequency band signals named IMF1, IMF2, IMF3, IMF4, and IMF5. IMF1 represented the low-frequency signal with long-term trend characteristics of the data. IMF2 to IMF5 represented the high-frequency signal with short-term mutation characteristics of the data. By combining the variable decomposition results with the correlation analysis, it was found that the long-term trend characteristics of DO are affected by the superposition of meteorological factors, hydrological factors, and water pollution factors but have a weak correlation with any single determining factor. The air temperature, water temperature, phosphorus, air pressure, pH value, chemical oxygen demand, and nitrogen were relatively strongly correlated with the long-term trend characteristics of DO. The short-term mutation characteristics of DO were mainly determined using the characteristics of the water body itself, while the influence of the meteorological factors could basically be ignored. The water temperature, pH value, and eutrophication were the biggest influencing factors. Then, a predictive framework combining frequency division with a deep learning model or a machine learning model was constructed to predict DO. The predicted results of GRU, random forest, and XGBoost with and without the framework were compared. It was shown that, after removing the interference factors with correlations less than 0.3, the predicted value of DO was much closer to the actual value. The XGBoost and random forest models with decomposed signals had a high degree of simulation fitting and could be used to predict DO in the Chengdu area. The above research approach can be applied to further explore the prediction of various pollution factors in different areas of China.