Land use/land cover (LULC) and climate are two crucial environmental factors that impact watershed hydrology worldwide. The current study seeks to comprehend how the evolving climate and LULC patterns are impacting the hydrology of the Mahanadi Reservoir catchment. A semi-distributed Soil and Water Assessment Tool (SWAT) model was utilized to simulate various water balance elements. Twelve distinct scenarios were developed by combining three different climatic data periods (1985–1996, 1997–2008, and 2009–2020) with four sets of land use maps (1985, 1995, 2005, and 2014). The SWAT model demonstrated strong performance in simulating monthly stream flows throughout the calibration and validation phases. The study reveals that changes in LULC have a distinct effect on the environment. Specifically, the changes in LULC lead to heightened streamflow and reduced evapotranspiration (ET). These changes are mainly attributed to amplified urbanization and the diminished presence of water bodies, forest cover, and barren land within the Mahanadi Reservoir catchment. The combined impact of climate change and LULC shifts reveals complex interactions. Therefore, the present study offers an understanding of how changes in climate and land use over the past few decades have influenced the hydrological behavior of the Mahanadi Reservoir catchment in Chhattisgarh. The findings of this study have the potential to offer advantages to governmental bodies, policymakers, water resource engineers, and planners seeking effective strategies for water resource management. These strategies would be particularly relevant in the context of climate change and land use/land cover changes in ecological regions similar to those of the Mahanadi Reservoir catchment. In addition, a rational regulatory framework for land use patterns is essential for assisting stakeholders in managing water resources and appropriately developing the entire catchment.