The Three Outlets Channel (TOC) consisting of three anabranching rivers formed due to natural avulsion by extremely high floods, is the primary water–sediment channel connecting the Jingjiang in the middle Yangtze River and Dongting Lake (the second largest freshwater lake in China). Since the impoundment of the Three Gorges Reservoir (TGR) in 2003, the decreasing diversion of runoff and sediment load of the TOC has an impact on the hydrological connectivity of the river–lake relation. Nonetheless, it lacks complete understanding on the diversion of runoff and sediment load, erosion and deposition amount, and the calculation method of diversion runoff in the TOC. We used remote sensing images, hydrological data, and channel topography to analyze the change in runoff and sediment load, channel morphology, local erosion and deposition amounts. The main results show that: (i) Meander cutoffs of the Lower Jingjiang accelerated the reduction process of the Ouchi River’s runoff and sediment load and the increase in the number of dry days. After the impoundment of the TGR, the diversion of sediment load of the TOC was greatly affected, but the decreasing trend of the runoff diversion slowed down. (ii) The morphological change of the inlet zone of Ouchi River is larger than that of Songzi River and Hudu River. The morphological evolution of the inlet area led to the change in the diversion of runoff and sediment load of the TOC. (iii) In the dry season, the water level drop in the inlet zone of the TOC leads to a decrease in the diversion discharge. Therefore, considering the water level drop and channel width adjustment in the inlet zone, five empirical formulae for the diversion discharge of the five hydrological stations in the TOC are proposed. These empirical formulae can be used as a short-term forecast for future changes in the hydrologic regime and the dynamics of the Jingjiang–Dongting Lake relation.