The earth tide, atmospheric pressure, precipitation and earthquake fluctuations, especially earthquake greatly impacts water well levels, thus anomalous co-seismic changes in ground water levels have been observed. In this paper, we have used four different models, simple linear regression (SLR), multiple linear regression (MLR), principal component analysis (PCA) and partial least squares (PLS) to compute the atmospheric pressure and earth tidal effects on water level. Furthermore, we have used the Akaike information criterion (AIC) to study the performance of various models. Based on the lowest AIC and sum of squares for error values, the best estimate of the effects of atmospheric pressure and earth tide on water level is found using the MLR model. However, MLR model does not provide multicollinearity between inputs, as a result the atmospheric pressure and earth tidal response coefficients fail to reflect the mechanisms associated with the groundwater level fluctuations. On the premise of solving serious multicollinearity of inputs, PLS model shows the minimum AIC value. The atmospheric pressure and earth tidal response coefficients show close response with the observation using PLS model. The atmospheric pressure and the earth tidal response coefficients are found to be sensitive to the stress-strain state using the observed data for the period 1 April-8 June 2008 of Chuan 03# well. The transient enhancement of porosity of rock mass around Chuan 03# well associated with the Wenchuan earthquake (Mw = 7.9 of 12 May 2008) that has taken its original pre-seismic level after 13 days indicates that the co-seismic sharp rise of water well could be induced by static stress change, rather than development of new fractures.