Vegetation is a natural link between the atmosphere, soil, and water, and it significantly influences hydrological processes in the context of climate change. Under global warming, vegetation greening significantly aggravates the water conflicts between vegetation water use and water resources in water bodies in arid and semiarid regions. This study established an improved eco-hydrological coupled model with related accurately remotely sensed hydrological data (precipitation and soil moisture levels taken every 3 j with multiply verification) on a large spatio-temporal scale to determine the optimal vegetation coverage (M*), which explored the trade-off relationship between the water supply, based on hydrological balance processes, and the water demand, based on vegetation transpiration under the impact of climate change, in a semiarid basin. Results showed that the average annual actual vegetation coverage (M) in the Hailar River Basin from 1982 to 2012 was 0.62, and that the average optimal vegetation coverage (M*) was 0.56. In 67.23% of the region, M* was lower than M, which aggravated the water stress problem in the Hailar River Basin. By identifying the sensitivity of M* to vegetation characteristics and meteorological parameters, relevant suggestions for vegetation-type planting were proposed. Additionally, we also analyzed the dynamic threshold of vegetation under different climatic conditions, and we found that M was lower than M* under only four of the twenty-eight climatic conditions considered (rainfall increase by 10%, 20%, and 30% with no change in temperature, and rainfall increase by 20% with a temperature increase of 1 °C), thereby meeting the system equilibrium state under the condition of sustainable development. This study revealed the dynamic relationship between vegetation and hydrological processes under the effects of climate change and provided reliable recommendations to support vegetation management and ecological restoration in river basins. The remote sensing data help us to extend the model in a semiarid basin due to its accuracy.