With the intensified influence of climate change and human activities, the climate and underlying surface conditions of the basins have changed. Accurately simulating the process of soil moisture change and analyzing its influencing factors are of great significance for regional water resources management and vegetation construction. In this study, the Weihe River Basin in the Loess Plateau was taken as the research object. Based on the ABCD hydrological model, the EFAST method was used to analyze the parameter sensitivity of the model, and the constant parameter and time-varying parameter models were constructed. The runoff depth and soil water storage simulation accuracy of different parameter models were compared. The effects of climate change and vegetation restoration on soil water storage changes in the Weihe River Basin were discussed, and the dominant factors of soil water storage changes were clarified. The results show that: 1)The proportional parameter of soil water layer recharge groundwater c is the most sensitive, followed by the groundwater storage coefficient d, the upper limit parameter b of the sum of actual evapotranspiration and soil water storage, and the tendency parameter a of runoff before soil is completely saturated is the least sensitive. 2) Compared with the ABCD constant parameter model, the time-varying parameter model increased the values of NSE, KGE, and R2 of the runoff depth simulation results by 19%, 10%, and 19%, respectively, and the NSE, KGE, and R2 of the verification period increased by 7%, 7%, and 9%, respectively. The time-varying parameter model significantly improved the runoff depth simulation results. 3) The correlation between soil water storage and ERA5-Land 0~100cm soil water storage in Weihe River Basin based on time-varying parameter model simulation is the strongest, and the change process of the two agree well. 4) The degree of different influencing factors on the change of soil water storage in the Weihe River Basin from strong to weak is potential evapotranspiration > precipitation > NDVI. The research results provide scientific basis for water resources planning and management and vegetation construction in this area, and also provide reference for soil water storage research in other similar areas.