Five water stands for five form existence models of water. In karst area, five water means precipitation, groundwater, evapotranspiration water, soil water, and overland flow. The complicated water-bearing hydrogeological media and the inhomogeneous water storage structure lead to low efficiency of water utilization. To reveal intricate water resources transformation in karst areas, a typical epikarst zone was selected. The five water and their conversion processes were studied and the transformation models were built based on the long-term positioning observations. The results show that (1) overland flow can be generated when precipitation reaches 6 mm and lasts for 6 h. Under light and moderate rainfall (LMR) conditions, less than 6% of the precipitation is converted to overland flow. Under heavy rainfall and rainstorm (HRR) conditions, the conversion of precipitation into overland flow in about 3.5–6%. (2) Under LMR conditions, the conversion rate of precipitation to vegetation water, soil water and groundwater was 2–3.5%, 40–60% and 25–35%, and the conversion rate under HHR conditions was 1.5–2.2%, 25–30% and 32–50%. (3) The proportion of different levels precipitation was transformed to soil water is 20–70%. (4) The conversion rate of groundwater and karst fissure water for LMR conditions are 8–15% and 10–15%, and that for HRR is 15–20% and 40–50%. (5) The proportions of different degrees of precipitation transformed into vegetation transpiration and evaporation water are 1.5–3.5% and 6–9%, respectively. (6) Generally, <4% of the precipitation is converted into overland flow, 20–70% into soil water, 25–50% into karst groundwater, and 1–10% into evaporative water.