The study of below‐cloud evaporation effects under clouds in the Yellow River source region is of great significance for regional water resource generation as well as for water resource security in the arid and semi‐arid regions of northern China. In this study, we quantitatively assessed the evapotranspiration effect in the Yellow River source region from March to November based on the improved Stewart model. The study concluded that: (1) below‐cloud evaporation was slightly higher in summer than in other seasons (residual fractions of raindrop evaporation were 80.57% in summer, 81.12% in spring, and 84.2% in autumn, respectively); and (2) sub‐cloud evaporation diminishes with increasing altitude (residual fractions of raindrop evaporation were 83.09% in the western part of the area, 81.82% in the central part of the area, and 81.36% in the eastern part of the area, respectively). (3) The total linear index between study areas f and ∆d is 2.24, where f > 95%, it is 1.19; that is, the evaporation of raindrops increases by 1% and the reduction in the excess of mercury by about 2‰. (4) Local meteorological factors (temperature, precipitation, and relative humidity) and raindrop diameter have a cross‐influence on below‐cloud evaporation, with relative humidity having the most significant effect, with the highest correlation coefficient of 3.03 when relative humidity is less than 70%. The results of the study can provide a parameter basis for hydrological and climatic models in the Yellow River Basin.