In order to improve the spatial and temporal resolution of the global climate model, we selected the water conservation region of the Yellow River Basin as the study area. Based on NCEP reanalysis data, this study identified factors and corresponding grids with strong correlations to temperature and precipitation. These were used to construct a Statistical DownScaling Model (SDSM). The accuracy of SDSM was evaluated by using daily precipitation and temperature data from 21 meteorological stations in the water conservation area of the Yellow River between 1971 and 2014. The reliability of the downscaling data was verified by comparing the daily precipitation and temperature data of the downscaling data, MRI-ESM2-0 and EC-Earth3-Veg climate modes with the measured data. The results show that the atmospheric circulation factors affecting the temperature and precipitation in the water conservation region of the Yellow River Basin are mainly downward shortwave radiation flux and precipitable water. The model’s performance showed a better simulation of daily temperatures, with the correlation coefficient and Nash efficiency coefficient above 0.95. The correlation coefficient is about 0.70, Nash efficiency coefficient is about 0.50, for daily precipitation. In the entire basin, the daily temperature and precipitation based on SDSM simulations outperformed those of both EC-Earth3-Veg and MRI-ESM2-0 climate models.