Water conservation is a crucial indicator that measures the available water resources needed for maintaining regional ecological services and socioeconomic development. The Yiluo River Basin plays an essential role in water conservation in the Yellow River Basin, which is one of the most important river basins with vulnerable ecological conditions and a large population in China. However, previous studies have a limited understanding of the distribution of water conservation in the Yiluo River Basin. To address this knowledge gap, we developed a SWAT model to evaluate water conservation in the Yiluo River Basin with high spatial and temporal details on a monthly scale. From a monthly perspective, water conservation accumulation primarily took place in July (54.6 mm), August (23.5 mm), and September (33.2 mm), which are in the flood season. From 1966 to 2018, we found a significant 47% reduction in basin-wide water conservation, and the reduction was primarily influenced by meteorological conditions and underlying surface dynamics. The results of the temporal correlation analysis identified precipitation as the most significant factor influencing water conservation, while the spatial correlation analysis revealed that potential evapotranspiration, vegetation, and elevation had the highest spatial correlation with water conservation. By combining SWAT outputs on the HRU (hydrological response unit) scale with the spatial distribution of HRUs, the study achieved the visualization of the spatial distribution of water conservation, identifying Luonan County, Luanchuan County, and Luoning County as the key regions that experienced water conservation decline over the past decades. These findings advance our understanding of the distributions of water conservation and their key driving factors in the study area and provide valuable policy implications to support ecological protection and water resource management in the Yellow River Basin.