Afforestation‐induced changes in water resources have attracted worldwide attention. However, a clear picture of quantitative attribution of terrestrial water storage (TWS) variation from hydroclimatic and anthropogenic factors is still lacking. In this study, a quantitative analysis of TWS variation was conducted in the Yellow River basin of China under the Grain for Green project with consideration of irrigation. The results showed that the TWS has decreased (increased) more and more quickly (slowly) in the Loess Plateau (headwater region). The TWS increase corresponded to increased runoff and soil moisture in the headwaters, and the TWS depletion corresponded to decreased runoff and groundwater in the Loess Plateau and downstream regions. Regarding the TWS change (TWSC), it exhibited a negative trend across the basin. The increase in evapotranspiration (ET) dominated the basin‐averaged TWSC reduction, while the increase in ET was highly related to the increases in vegetation cover and irrigation water use. For spatial TWSC variations, the value of precipitation minus ET could account for most changes in TWSC, except for those in the headwater region and a region near the internally drained area. The increased vegetation coverage, which can affect multiple hydrological processes, played an important role in these two excluded regions. Importantly, the irrigation‐induced TWSC was considerable and varied with different irrigation water sources (i.e., surface water and groundwater). Overall, the impacts of afforestation and irrigation on TWS are sufficiently important. The research in this study can provide guidance for the water resource management during revegetation efforts.