Light precipitation events are an essential feature of rainfall for agricultural production, risk prediction of drought or flood disasters, and natural resource management in a certain area. We investigated the spatiotemporal variations in light precipitation events with intensities of 0.1–10 mm/day, based on daily precipitation data for the Yellow River Basin (YRB), China, during 1960–2018, and explored their relationships with large-scale atmospheric circulation patterns (LSACPs) and altitude. For further analysis of the changes in the light precipitation events, we classified light rain (0.1 ≤ P < 10.0 mm/day) into five grades of intensity by using equal interval division. Results indicate that the mean annual light precipitation amount and days were 182.7 mm and 80 days, respectively, from 1960 to 2018 over the YRB, accounting for 39.2% and 85.2% of the total annual precipitation amount and days, respectively. Both the amount of light rain and the number of light precipitation days declined by −1.3 mm/decade and −1.4 days/decade, respectively, and suggested that most rain events were of low intensity (0.1 ≤ P < 2.0 mm/day). Light precipitation events mainly occurred in the upper and middle reaches of the YRB and decreased from the southwest to the north. Additionally, changes in light rain events appear to be complex and possibly related to LSACPs and altitude. We found that the LSACPs were a possible mechanism for light precipitation events in the YRB over the past decades. With increasing elevation, light precipitation events decreased significantly throughout the study period. Thus, the decrease in precipitation days mainly occurred at lower altitudes in the YRB. The results also reflect the complexity of regional climate change in the YRB because atmospheric circulation related to climate phenomena not only causes the complex variation in precipitation but also changes its altitude dependence.