[Objective] The spatiotemporal characteristics and main driving factors of water supply and demand for water conservation services in a river basin were explored in order to provide a scientific basis and reference for water resource management and optimal allocation, ecological security, and protection. [Methods] The supply and demand of water conservation services in the Raohe River basin study area were quantitatively evaluated based on the InVEST model and multi-source data. A matching spatial relationship between supply and demand of water conservation services was obtained according to the supply and demand index, and the main driving factors of spatial heterogeneity of the supply and demand relationship of water conservation services were further explored by using geographic detectors. [Results] ① From 2005 to 2020, both the supply and demand of water conservation services showed a trend of first increasing and then decreasing, and the water conservation capacity of different land use types had significant differences, among which the water conservation capacities of forest land and grassland were significantly higher than those of cultivated land and urban and rural industrial and mining land. ② The spatial distribution of supply and demand of water conservation services had obvious spatial heterogeneity and mismatch characteristics. The matching deficit area of supply and demand of water conservation services was mainly located in Poyang, Wannian County, Leping City, Changjiang, and Zhushan District in the west, while the surplus area was located in Fuliang County in the north, and in Wuyuan County, Dexing City, and Yiyang County in the east. ③ Among the natural factors, annual potential evaportanspiration, elevation and forest coverage rate were the main factors affecting the supply and demand relationship of water conservation services. At the same time, human factors such as the coverage rate of industrial and mining land and cultivated land in urban and rural areas played a leading role. The interaction between natural factors and human factors aggravated the imbalance between supply and demand of water conservation services. [Conclusion] There were challenges in the optimization of supply and demand of water conservation services in the Raohe River basin. In the future, the establishment of an ecological compensation mechanism should be accelerated in this area, the function of forest water conservation should be optimized, the supply of water conservation services should be increased, and the efficiency of water resource utilization should be increased. Efforts should be made to balance supply and demand of regional water conservation services, and to promote the coordinated development of ecological systems and socio-economic systems.