The construction of large-scale hydropower stations could solve the problem of China’s power and energy shortages. However, the construction of hydropower stations requires reservoir water storage. Artificially raising the water level by several tens of meters or even hundreds of meters will undoubtedly change the hydrogeological conditions of an area, which will lead to surface deformation near the reservoir. In this paper, we first used SBAS-InSAR technology to monitor the surface deformation near the Xiluodu reservoir area for various data and analyzed the surface deformation of the Xiluodu reservoir area from 2014 to 2019. By using the 12 ALOS2 ascending data, the 100 Sentinel-1 ascending data, and the 97 Sentinel-1 descending data, the horizontal and vertical deformations of the Xiluodu reservoir area were obtained. We found that the Xiluodu reservoir area is mainly deformed along the vertical shore, with a maximum deformation rate of 250 mm/a, accompanied by vertical deformation, and the maximum deformation rate is 60 mm/a. Furthermore, by analyzing the relationship between the horizontal deformation sequence, the vertical deformation sequence, and the impoundment, we found the following: (1) Since the commencement of Xiluodu water storage, the vertical shore direction displacement has continued to increase, indicating that the deformation caused by the water storage is not due to the elastic displacement caused by the load, but by irreversible shaping displacement. According to its development trend, we speculate that the vertical shore direction displacement will continue to increase until it eventually stabilizes; (2) Vertical displacement increases rapidly in the initial stage of water storage; after two water-storage cycles, absolute settlement begins to slow down in the vertical direction, but its deformation still changes with the change in the storage period.