We analyzed hydrological responses to changing climate and land use/land cover (LULC) for the past (1985–2020) and future (2021–2080) in the Chemoga watershed of the Upper Blue Nile Basin. The watershed comprises four agroecological environments: Moist Kolla, Moist Weyna Dega, Moist Dega, and Wet Wurch. Past and projected LULC changes under business-as-usual (BAU) and land conservation (LC) scenarios were utilized. Climate projections from 2021 to 2080, under two Shared Socioeconomic Pathways (SSP2-4.5 and SSP5-8.5), were downscaled from Global Climate Models. Utilizing the Soil and Water Analysis Tool, we assessed impacts on mean annual surface runoff (SR) and evapotranspiration (ET). Maximum and minimum temperatures increased significantly in the past and future climate scenarios, with a significant rainfall increase observed under SSP5-8.5. Historical trends revealed a 16.6% increase in SR and 7% in ET from 1983–2002 to 2003–2020. Under BAU LULC with the SSP2-4.5 (SSP5-8.5) climate scenario, SR increased by 24% (26.1%) and ET by 3.1% (4.4%) from 2003–2020 to 2021–2050, followed by a subsequent SR rise of 13.7% (14.0%) and ET increase of 6.0% (5.7%) from 2021–2050 to 2051–2080. Conversely, the LC LULC with SSP2-4.5 (SSP5-8.5) resulted in a 5.3% (4.2%) SR decrease and ET increase of 9.7% (11.3%) from 2003–2020 to 2021–2050 and a further SR decrease of 1% (0.7%) and 6.1% (6.9%) ET increase from 2021–2050 to 2051–2080. The Moist Kolla agroecology experienced the highest SR increase due to vegetation clearances for commercial farming. Meanwhile, the LC scenario indicated substantial decreases in SR and marginal increases in ET in the Moist Weyna Dega agroecology due to forest restoration on steep slopes. Overall, SR showed greater sensitivity to LULC changes, while ET was more responsive to climate changes. The results emphasize considering diverse agroecological contexts for effective water resource management under changing climate and LULC scenarios.