The quantitative study of terrestrial water storage change (TWSC) and its spatial and temporal dynamics has been an important topic in water resources research and management. The results are as follows: (1) The inversion of global terrestrial water storage changes can be achieved by using the decorrelation filter method and a combination of Gaussian filter functions with different radii, indicating the feasibility of the GRACE inversion of TWSC. (2) In summer and autumn, the rise of water storage in central China is higher than that in east and west China. In spring and winter, the overall water storage in China shows a deficit, and some regions in Guizhou, Guangdong and Guangxi have a small surplus compared with other regions. (3) The influencing factors of the high effect of TWSC are minimum temperature, precipitation and maximum temperature, and the explanatory power of TWSC through factor interaction is much higher than that of a single factor. (4) The geographically and temporally weighted regression (GTWR) model is better than OLS and geographically weighted regression (GWR) models in determining the relationship between influencing TWSC and drivers, and there are temporal and local differences in the influence of each driver on TWSC.