Research on the combined impact of watershed attributes on streamflow is crucial in water resources planning and management, particularly due to the strong link between landscape modification and watershed attributes. However, identifying critical watershed attributes remains a challenge. This study focuses on investigating the impact of watershed attributes on streamflow in the Hare catchment of Ethiopia’s rift valley lakes basin. The Soil and Water Assessment Tool (SWAT) rainfall–runoff model was used, calibrated, and validated against observed discharge data to identify remedial measures for streamflow generation. The model’s performance was evaluated using criteria such as R2, NSE, PBIAS, and RSR, which yielded satisfactory values. The study found significant changes in land cover, with forest and shrub land declining and agricultural land expanding. Comparing mean annual streamflow between 1998, 2009, and 2021, streamflow at 2021 land use and land cover increased by 13.03% compared to 2009, which had already increased by 16.05% compared to 1998. The study also examined the impact of climate variations by manipulating meteorological data length and average slope. Overall, this study provides valuable insights into the relationship between watershed attributes and streamflow, emphasizing the importance of considering land cover changes and climate variations for effective water resource management in the Hare catchment.