Reference evapotranspiration (ET0) is an important part of the water cycle and energy cycle during crop growth. Understanding the influencing factors and spatiotemporal variations of ET0 can guide regional water-saving irrigation and regulate agricultural production. Data for daily meteorological observations of temperature, relative humidity, wind speed, and sunshine hours from 38 surface meteorological stations were used to analyze the spatiotemporal variations and trends in Shandong Province from 1980 to 2019. (1) The ET0 from 1980 to 2019 was 1070.5 mm, and there was a significant downward trend in the climate tendency rate of −7.92/10 a. The climate of Shandong Province became warmer and drier. The average annual temperature showed a significant upward trend, while the average annual relative humidity and average annual sunshine hours showed significant downward trends. (2) The annual ET0 ratio in spring, summer, autumn, and winter was 29%, 40%, 21%, and 10%, respectively. (3) A change in Shandong Province’s interannual ET0 occurred in 2002, with a decrease of 130.74 mm since then. (4) The ET0 was positively correlated with temperature, wind speed, and sunshine hours and negatively correlated with relative humidity. This study provides a scientific basis for the regulation and control of agricultural production in Shandong Province.