In recent years, with the completion of the construction of large-scale hydropower projects in China, a series of engineering geological problems that occurred during the operation of the hydropower station have become an important issue affecting the normal operation of hydropower stations. Landslides on reservoir slopes triggered especially by water storage and other factors related to the construction of hydropower stations seriously affect the normal operation of the hydropower station and lead to other geological disasters. Research indicates that many reservoir-area landslides are triggered by hydrodynamic forces resulting from water level fluctuations in hydroelectric power stations. The Mala landslide of Miaowei Hydropower Station in the Lancang River Basin of China is taken as the engineering example to study the influence of hydrodynamic forces on the deformation characteristics and stability trends of the landslide. This paper explores the formation mechanism and influencing factors of the Mala landslide by conducting a field investigation of the Mala landslide and analyzing the monitoring data. Additionally, this paper also discusses the impacts of water storage, rainfall, and engineering construction on landslide induction. It is considered that the evolution of the Mala landslide from the initial stage of water storage to the current state mainly includes four stages: small-scale bank collapse stage, creep deformation stage, accelerated sliding stage, and uniform sliding stage. Moreover, the changes in the trend of landslide stability are analyzed using the two-dimensional finite element method. The research results provide a valuable reference for understanding the formation mechanism and predicting the deformation of reservoir landslides, which has considerable engineering practical significance.