This study uses the least squares collocation method to fuse the leveling vertical deformation velocity in the Sichuan–Yunnan region with the GNSS observations of this region from 320 stations in the China Crustal Movement Observation Network (CMONOC) and the China Continental Tectonic Environment Monitoring Network (CMTEMN) from 1999 to 2017. Such fusion is to improve the accuracy of the vertical deformation rates in large spatial scales. The fused vertical deformation results show that: (1) the fused deformation field has a uniform spatial distribution, and shows detailed change characteristics of key regions; (2) the current vertical crustal motion in this region is featured by the contemporaneous occurrence of crustal compression, shortening and uplift and basin extensional subsidence; (3) most areas in this region experience uplifts, as the lateral push of the Qinghai–Tibet Plateau was blocked by the Sichuan Basin. The areas on the northwest side of the Longmenshan fault and the Lijiang-Xiaojinhe fault are dominated by uplifts, with the velocity of 1.5 mm/a–5.5 mm/a, and the region on the southeast side has slight uplifts, with the velocity of 1.0 mm/a–1.5 mm/a; (4) many areas have high gradient vertical deformation, especially the region close to the Wenshan fault and on the two sides of the Yarlung Zangbo fault that has the value of 3.0–4.0 × 10−8/a, deserving further attention to be paid to the long-term earthquake hazards.