Geothermal water is the product of deep circulation within the crust, and the understanding of its hydrogeochemical process can provide effective information for integrated research on its circulation pattern and formation mechanism. Based on the geothermal geological conditions of the Yanggao geothermal field, this study analyzed water samples from thermal springs and geothermal wells in the geothermal field, ascertaining their hydrochemical components, along with their hydrogen and oxygen isotopes. Using methods like piper diagrams, ionic component ratio characterization, Na–K–Mg equilibrium diagrams, and reverse path simulations, this study elucidated the recharge source of geothermal water in the study area, revealed the water–rock interactions the geothermal water experienced, and evaluated the geothermal reservoir temperatures. The results show that the geothermal water has hydrochemical types of Na–Cl–HCO3 and Na–HCO3–Cl, and is primarily recharged by the atmospheric precipitation in the northern mountainous area. The geothermal water has experienced extended water runoff and deep thermal circulation, and its hydrochemical composition primarily results from the weathering and dissolution of silicate rocks and evaporites. The major hydrogeochemical processes of the geothermal water involve the dissolution of calcite, dolomite, gypsum, and kaolinite. In addition, the canon-exchange also changes the chemical component of the geothermal water. The SiO2 Geothermometer, a multimineral equilibrium diagram, and the silica–enthalpy model reveal the presence of deep and shallow geothermal reservoirs in the study area, which exhibit temperatures of 73 °C and ranging from 125 to 150 °C, respectively. The open geothermal reservoir environment results in the mixing of geothermal water and cold water, with shallow and deep geothermal water mixing with cold water at ratios of 57% and 76%, respectively.