[Objective] The temporal and spatial variation characteristics and influencing factors of water conservation in Liaoning Province were explored in order to provide a visual evaluation basis for the rational development and utilization of water resources and the restoration of water conservation function. [Methods] The spatial and temporal dynamics of water conservation in Liaoning Province from 2001 to 2020 were evaluated based on the water production module of the InVEST model. The main influencing factors were explored by using correlation analysis and Geodetector. [Results] During 2001—2020, the average annual water conservation in Liaoning Province fluctuated and increased, with an annual average value of 95.28 mm and a growth rate of 13.35 mm/(10 yr). The spatial distribution of water conservation decreased from east to west. Water conservation in Dandong, Fushun, and Benxi City was higher, while water conservation in Panjin, Jinzhou, Fuxin, and Huludao City was lower. [Conclusion] Water conservation was positively correlated with precipitation, surface water resources, mountain infiltration, and forest proportion, and negatively correlated with evapotranspiration, temperature, fragmentation degree, and construction land proportion. Climate factors and land use factors were the dominant factors affecting the spatial differentiation of water conservation in Liaoning Province. The explanatory power of a single factor was above 0.6, and the interaction of multiple factors was stronger than that of a single factor, among which the explanatory power of the interaction between precipitation, evapotranspiration, and each factor was 0.92.