[Objective] The ecological compensation amount for the bidirectional regulation of water quality and quantity in the Shaanxi area of the Yellow River basin was determined in order to provide a theoretical basis for solving the contradiction of ecological rights distribution in the upper and lower reaches of the Yellow River basin, and will promote equitable development between regions of the basin. [Methods] This study considered the simultaneous factors of cost, value, and rewards and punishments, and established a compensation standard calculation model of water quality and quantity using the water quality improvement coefficient method and the water quantity contribution method based on the basic compensation standard. [Results] The basic compensation standard for ecological compensation in the Yellow River basin of Shaanxi Province was 1.37×10⁹ yuan. The water quality and water volume adjustment values were -5.66×10⁸ yuan and 6.84×10⁸ yuan, respectively. Shaanxi Province received ecological compensation of 1.49×10⁹ yuan for 2018. [Conclusion] Compared with previous calculation models, the calculation results of this model are more in line with the actual situation and more suitable for changes in external environmental factors.