The Three Gorges Project (TGP) is the world’s largest water conservation project. The post-construction low-flow water level at the same discharge below the dam has declined, but there remains disagreement over whether the flood level has increased. Measured water levels and upstream and downstream flow data from 1955 to 2016 show that, post-construction: (1) the low-flow water level at the same discharge decreased, and the lowest water level increased due to dry-season reservoir discharge; (2) the decline of the low-flow water level below the dam was less than the undercutting value of the flow channel of the river; (3) the flood level at the same discharge below the dam was slightly elevated, although peak water levels decreased; (4) flood characteristics changed from a high discharge–high flood level to a medium discharge – high flood level; and (5) an expected decline in the flood level downstream was not observed. Channel erosion and the adjustment of rivers and lakes tend to reduce flood levels, while river bed coarsening, vegetation, and human activities downstream increase the flood level. Although the flood control benefits of the Three Gorges Dam (TGD) and the upstream reservoirs are obvious, increased elevation of the downstream flood level remains a concern.