Interbasin water transfer (IBWT) projects are of great practical significance for alleviating water shortages due to the nonuniform spatiotemporal distribution of water resources. An appropriate multisource IBWT management model can facilitate decision making for effective conjunctive use of the transferred and local water resources. This study proposes a hierarchical-planning model (HPM) that includes three core modules—water diversion, supply, and allocation modules—that are sequentially incorporated and clearly reflect the hierarchical relation among the diversion-supply-allocation system in the context of a multisource IBWT. The HPM is decomposed under two-stage programming and resolved with a coordinated particle swarm algorithm. Its effectiveness was examined by applying it to the Han-to-Wei IBWT project in China. The results indicate that the conjunctive operation rules with the expression of water transfer and supply rule curves fully exploit the hydrological heterogeneity and mutual complementarity. Further, the proposed model achieves a trade-off of the multiple sources and successfully meets the joint demands of different sectors and regions. Specifically, the mirror image phenomenon that arises during the process of the conjunctive operation, especially in continuously dry periods, highlights the noticeable mutual effect of the transferred and local water to cover the gap between that and the joint demands. The proposed model is a promising tool for integrated diversion-supply-allocation management of a multisource IBWT system, and it can be expanded to other water resource management systems involving the whole or partial process of water transfer, water supply, and water allocation.