Water yield (WY) is an significant characteristic that reflects ecosystem services. In order to realize high-quality development, it is vital to explore the spatial and temporal (ST) distribution of WY and its driving factors in the Yiluo River Basin (YLRB) to uphold ecological stability and advance long-term sustainable growth. This paper quantifies WY in the YLRB from 2010 to 2020 using the WY model in the InVEST toolkit. Exploring ST characteristics and driving factors at both the raster and sub-watershed levels, results indicate that the overall WY (average water depth) of the YLRB in 2010, 2015, and 2020 was 26.93 × 108 m3 (136.50 mm), 22.86 × 108 m3 (113.38 mm), and 26.81 × 108 m3 (137.61 mm), respectively. The spatial pattern of watershed WY remains consistent across various periods, illustrating spatial variation in the depth of low WY in the central and western regions and high WY depth in the eastern region. At the sub-watershed level, the Luo River (LR) Basin has the highest contribution (69%) to the WY of the entire basin and served as the principal WY region of the YLRB. Conversely, the Yiluo River section, formed after the confluence of the Yi River (YR) and the LR, has the lowest WY contribution (7%) in the entire watershed. Distinct variations exist in the WY capacity among various land use (LU) types. Construction land (CSL) and unused land (UL) exhibited the highest WY capacity (315.16 mm and 241.47 mm), whereas water area (WA) had the lowest (0.01 mm). WY was significantly positively correlated with slope, precipitation, actual evapotranspiration, percentage of cultivated land, and NDVI. It showed a significant negative correlation with altitude, WA, and population density. This study helps promote the research and development of watershed ecosystem services. It also provides scientific support resolving conflicts between watershed protection and economic development and promoting harmony in the YLRB.