The terrestrial water resources in Shaanxi–Gansu–Ningxia (SGN) region are relatively scarce, and its climate change is unstable. Research on the deformation driven by terrestrial water load is of great significance to the dynamic maintenance of reference station networks. In this paper, data derived from Gravity Recovery and Climate Experiment (GRACE) and Global Navigation Satellite System (GNSS) from 2010 to 2014 were combined to monitor the spatiotemporal characteristics of surface vertical deformation caused by terrestrial water load change. The single scale factor was calculated by comparing CPC, WGHM, and GLDAS hydrological model to restore filtering leakage signal. The singular spectrum analysis (SSA) method was used to extract the principal component of temporal vertical deformation, and its spatial distribution was analyzed. At the same time, in order to study the relationship between the terrestrial water load deformation from GRACE and that from GNSS, the first-order term correction, the Atmosphere and Ocean De-aliasing Level-1B product (GAC) correction, and the first-order load LOVE number correction for GRACE were adopted in this paper. In addition, a quantitative comparative analysis of both the monitoring results was carried out. The results show that the time-variable characteristics of surface vertical deformation characterized by the filtered three hydrological models were consistent with those of GRACE. The correlation coefficient and Nash–Sutcliffe efficiency coefficient (NSE) values were the highest in the GLDAS model and the GRACE model, respectively; the former index is 0.93, while the latter is 0.85. The crustal vertical deformation from terrestrial water load showed a declining rate from 2010 to 2014. Its spatial change rate showed an obvious ladder distribution, with the surface subsidence rate gradually decreasing from south to north. In addition, weighted root mean square (WRMS) contribution rate of the crustal vertical deformation resulting from GRACE with GAC correction between the different GNSS stations ranged from 18.52% to 54.82%. The correlation coefficient between them was close to 0.70. After deducting the mass load impact of GRACE only, the WRMS contribution rate of the corresponding stations decreased from −8.42% to 21.18%. The correlation coefficient between them reduced noticeably. Adding GAC back can increase the comparability with GRACE and GNSS in terms of monitoring the crustal vertical deformation. The annual amplitude and phase of surface vertical deformation resulting from GRACE with GAC correction were close to those of GNSS. The research results can help to explore the motion mechanism between water migration and surface deformation, which is of benefit in the protection of the water ecological environment in the region.
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