Knowledge of the quantitative importance of the moisture transport pathways and mutual moisture exchange of the source regions of the Yangtze (SYZR) and Yellow (SYR) rivers’ basins, the adjacent origins of China’s two longest rivers, can provide insights into the regional atmospheric branch of the hydrological cycle over the source regions. The method with the Hybrid Single-Particle Lagrangian Integrated Trajectory (HYSPLIT) model and a Lagrangian moisture source diagnostic to identify the major moisture transport pathways quantifies their importance to two types of daily precipitation events—daily precipitation more than 10 mm (PM) events and daily precipitation less than 10 mm (PL) events—for the two rivers’ regions during the summer (June–August, 1986–2015) and finds the characteristics of mutual moisture exchange. The results indicated that both the Bay of Bengal group pathway and the northwest China group pathway play significant roles in PM and PL events over the SYZR, contributing 41.87% and 39.12% to PM events and 41.33% and 33.16% to PL events, respectively. The SYR has five main moisture path groups; the Bay of Bengal group pathway, the northwest China group pathway, and the southeast China group pathway play significant roles in PM and PL events over the SYR, contributing 32.34%, 23.28%, and 34.36% to PM events and 34.84%, 36.18%, and 19.83% to PL events, respectively. The volume of moisture passing from the SYZR to the SYR is approximately 60 times that of the reverse, constituting about 6.9% of the total moisture released in SYR precipitation. It is worth noting that the moisture release was concentrated in the nearer west group pathway, and the main moisture uptake locations were beyond the source region of the two rivers (remote sources) in the PM events. The aggregate moisture release high-frequency moisture transport path groups are found in the southeastern parts of Zhiduo County and the southeast of Zaduo County.