The research on the temporal and spatial change of soil erosion in the upper reaches of the Yellow River is of great significance to maintain the ecosystem service function and protect the water tower in the upper reaches of the Yellow River. Taking Huangshui watershed in the upper reaches of the Yellow River as the research area, based on the Revised Universal Soil Loss Equation (RUSLE), the spatial and temporal variation of soil erosion in Huangshui watershed from 2000 to 2015 were quantitatively evaluated, and the spatial variation of soil erosion with or without terraced fields were analyzed, so as to quantify the impact of terrace construction on slope soil erosion. The results showed that from 2000 to 2015, the soil erosion intensity in the Huangshui watershed showed a decreasing trend, and the erosion modulus decreased from 1 183 t/(km²·a) to 940 t/(km²·a), with a decrease rate of 20.54%. The soil erosion intensities on different land use types and different slopes all decreased, among which the maximum reduction was 20.58% on cultivated land. The erosion modulus of the slope with 15° to 20° gradient decreased most significantly by 23.11%. Through scenario simulation with or without terrace measures, it was found that the soil erosion modulus in 2015 in the Huangshui watershed decreased from 940 t/(km²·a) to 837 t/(km²·a) with terraced fields, with a decrease of 11.00%. The research results could provide a scientific basis for the prevention and control of soil erosion and the protection of ecological environment of the basin.