The Qinghai–Tibet Plateau is a proven essential water conservation region in Asia. However, various factors, such as anthropogenic activities, climate, and vegetation significantly affect its water conservation. Along these lines, a deep understanding of the spatiotemporal patterns of water conservation for this plateau and relevant influencing elements is considered of great importance. This paper calculates the water conservation on the Qinghai–Tibet Plateau based on the InVEST model, and given that the evapotranspiration data are an important parameter of the InVEST model, this study selects the mainstream evapotranspiration data to compare the accuracy of the simulated water yield, and also selects the most accurate remote sensing evapotranspiration data examined in the study to carry out the study of water conservation on the Qinghai–Tibet Plateau. Due to the large area of the Qinghai–Tibet Plateau and the various types of climate and ecological zones, this paper analyzes the spatial and temporal variations of water conservation on the Qinghai–Tibet Plateau in each ecological zone and climate zone division and detects the factors affecting water conservation on the Qinghai–Tibet Plateau by using the geo-detector method. From our analysis, the following outcomes are proven: on the Qinghai–Tibet Plateau, (1) the overall water conservation decreased from southeast to northwest; (2) the water conservation of the studied plateau in 1990, 2000, 2010, and 2020 was 656.56, 590.85, 597.4, and 651.85 mm, respectively; (3) precipitation, evapotranspiration, and NDVI exhibited a positive relationship with water conservation; (4) the precipitation factor had the biggest impact on the spatial distinctions of the water resource governance; (5) the above factors are combined with the slope factor and the interaction of each factor to improve water conservation. Our work provides valuable insights for the further implementation of ecological projects with a view to enhancing water resource management methods.