Forest management practices play an important role in soil water conservation. However, the soil water-holding capacity and associated drivers under different management practices remain uncertain, especially when the precipitation varies substantially at the regional scale. Here, we used hydrogen stable isotope to explore the contribution of rainfall to soil water (CRSW) under light, moderate and heavy precipitation in Pinus massoniana plantations with multiple management practices (pure stand, mixed stand, understory removal, light-intensity thinning and high-intensity thinning) in subtropical China. We further used variation partitioning analysis and structural equation modeling to identify the dominant driver affecting CRSW. Our results showed that after light rainfall, the highest CRSW (28.7%) was found in the high-intensity thinning plantation. However, after heavy rainfall, the high-intensity thinning plantation received the lowest CRSW (43.3%), while the mixed stand showed the highest CRSW (67.1%). These results demonstrated that the mixed stand of P. massoniana had a stronger capacity for soil water conservation, whereas high-intensity thinning showed poorer capacity. Furthermore, our results revealed that plant properties (i.e., tree, root and litter biomass) were the dominant controls of the CRSW under light rainfall, while soil properties (i.e., bulk density, total porosity, field capacity) were the primary drivers under moderate and heavy rainfall, indicating that the determinants influencing plantation capacity for intercepting rainfall vary with different levels of precipitation. These results highlight the importance of the level of precipitation in determining the dominant driver of CRSW. More importantly, these results suggest that the mixed stand, rather than high-intensity thinning, was better forest management since the former has a higher capacity for intercepting heavy rainfall.