Laohugou glacier No. 12 (LHG12), located in the northeast of the Qinghai–Tibet Plateau, is the largest valley glacier in the Qilian mountains. Since 1957, LHG12 has shrunk significantly. Due to the limitations of in situ observations, simulations and investigations of LHG12 have higher levels of uncertainty. In this study, consumer-level, low-altitude microdrones were used to conduct repeated photogrammetry at the lower part of LHG12, and a digital orthophoto map (DOM) and a digital surface model (DSM) with a resolution at the centimeter scale were generated, from 2017 to 2021. The dynamic parameters of the glacier were detected by artificial and automatic extraction methods. Using a combination of GNSS and drone-based data, the dynamic process of LHG12 was analyzed. The results show that the terminus of LHG12 has retreated by 194.35 m in total and by 19.44 m a−1 on average during 2008–2021. The differential ablation leading to terminus retreat distance markedly increased during the study period. In 2019–2021, the maximum annual surface velocity was 6.50 cm day−1, and during ablation season, the maximum surface velocity was 13.59 cm day−1, 52.17% higher than it is annually. The surface parameters, motion, and mass balance characteristics of the glacier had significant differences between the west and east branches. The movement in the west branch is faster than it is in the east branch. Because of the extrusion of the two ice flows, there is a region with a faster surface velocity at the ablation area. The ice thickness of LHG12 is decreasing due to intensified ablation, leading to a deceleration in the surface velocity. In large glaciers, this phenomenon is more obvious than it is in small glaciers in the Qilian mountains.