Air pollution, especially the synergistic pollution of PM2.5 and O3, poses a severe threat to human life and production. The synergistic formation mechanism of PM2.5 and O3 pollution is relatively confirmed, while research on their spatiotemporal synergy is urgent. Based on remotely sensed interpretation data from 90 cities in the Yellow River Basin, we analyzed the synergistic evolution of PM2.5 and O3 concentrations during 2013–2020. Combined with the environmental Kuznets curve, we performed factor analysis using a panel regression model. The synergistic evolution pattern shows a gradual decrease in PM2.5 concentration and a gradual increase in O3 concentration. There is a strong spatial auto-correlation in the two pollutants’ concentrations. The relationship between economy and PM2.5 concentration shows an “N-shaped” curve, while that between O3 concentration and economic development presents an inverse “N-shaped” curve. The environmental Kuznets curve shows that the deterioration of O3 pollution takes place later than the mitigation of PM2.5 pollution. Various factors have obvious heterogeneous effects on PM2.5 and O3 concentrations. Meanwhile, the sensitivity effect of per capita GDP on PM2.5 concentration in the midstream region is stronger than that in the upstream region, while the sensitivity effect of per capita GDP on O3 concentration is strongest in the midstream region than that in upstream and downstream region.