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Soil water storage properties, which are affected by land management practices, alter the water balance and flow regimes in watersheds; thus, it is highly plausible to clarify the influence of such management practices on the water storage condition by analyzing the long-term variations in discharge. In this study, the changes in soil water storage characteristics of the Ogouchi Dam watershed, which had undergone intensive forest management through the decades, were investigated using two approaches. Reported results from the rainfall–runoff correlation analysis show a gradual and steady increase in the soil water storage capacity at weaker continuous-rainfall events, i.e., uninterrupted wet days accumulating less than 70 mm. Meanwhile, the second approach utilizing the parameter calibration in the SWAT discharge model illustrated a constant trend in the runoff potential and the high possibility of a steady improvement in the soil available water capacity. Overall, the established decadal trends were able to prove the capability of sustainable forest management, i.e., thinning, regeneration cutting, multi-layer planting, deer-prevention fences, and earth-retaining fences (lined felled trees), in improving the water conservation function of the catchment.