Partitioning evapotranspiration (ET) is challenging but essential for understanding the exchange of energy, water, and carbon between terrestrial ecosystems and the atmosphere. In this study, we applied the simple biosphere model (SiB2) to partition ET at a typical alpine grassland site on the Qinghai–Tibet Plateau (QTP). In addition, through process‐based model scenario experiments, we quantified the effects of four environmental factors on ET components and predicted their evolution under the two future carbon emission scenarios (ssp126 and ssp585). Our findings are summarized as follows: (1) The original version of SiB2, despite its simple structure, effectively simulates ET and its components. (2) The ratios of annual total transpiration (T), soil evaporation (Es), and canopy interception evaporation (Ei) to ET in the alpine grassland ecosystem were 51%, 43%, and 6%, respectively. (3) Each 100 mm increase in annual precipitation results in a significant increase in soil evaporation (2.77%). A 1°C increase in air temperature leads to a significant increase in vegetation transpiration (5.22%) and canopy interception evaporation (5.63%). Each 100 ppm increase in CO2 concentration causes a significant decrease in T (−5.43%) and ET (−2.97%). An increase in LAI (1 m2 m−2) has the largest effect on canopy interception evaporation (4.67%). (4) Under the high carbon emission scenario (ssp585), all ET components in this ecosystem show a significant growth trend, particularly vegetation transpiration and canopy interception evaporation. These findings will facilitate more precise predictions of the water cycle dynamics, reveal land‐atmosphere interaction mechanisms, and aid in the protection of the ecological environment of the QTP.