The saturated permeability coefficient (ks) is a key parameter for evaluating the seepage and stability of reservoir colluvial landslides. However, ks values obtained from traditional experimental methods are often characterized by large variations and low representativeness. As a result, there are significant deviations from actual observations when used in seepage field calculations for reservoir landslide analysis. This study proposes an intelligent inversion method that combines a physical model and a data-driven model for reservoir landslide ks based on actual groundwater level (GWL) monitoring data. This method combines Latin Hypercube Sampling (LHS), unsaturated flow finite element (FE) analysis, particle swarm optimization algorithm (PSO), and kernel extreme learning machine model (KELM). Taking the Hongyanzi landslide in Sichuan Province, China, as the research object, the GWL of the landslide under different ks was first obtained by LHS and transient seepage FE analysis. Then, a nonlinear functional relationship between ks and the landslide GWL was fitted based on the PSO-KELM model. Finally, the optimal landslide ks was obtained by minimizing the root-mean-squared error between the predicted and actual GWL using the PSO. A global sensitivity analysis was also conducted on the ks of different rock and soil layers to reveal their control rules on the calculation of landslide GWL. The research results demonstrate the feasibility of the proposed method and provide valuable information for similar landslides in practice.