North China (NC) is experiencing significant groundwater depletion. We used GRACE and GRACE-FO RL06 Level-2 data with Mascon data from April 2002 to July 2022. We fused these two types of data through the generalized three-cornered hat method and further combined them with hydrological models, precipitation, in situ groundwater-level, and groundwater extraction (GWE) data to determine and verify temporal and spatial variations in groundwater storage (GWS) in NC. We quantitatively assessed groundwater sustainability by constructing a groundwater index in NC. We further explored the dynamic cyclic process of groundwater change and quantified the impact of the South-to-North Water Transfer Project (SNWTP) on GWS change in NC. The overall GWS shows a decreasing trend. The GRACE/GRACE-FO-derived GWS change results are consistent with those shown by the in situ groundwater-level data from the monitoring well. Groundwater in NC is in various states of unsustainability throughout the period 2002 to 2022. The SNWTP affected the water use structure to some extent in NC. This study elucidates the latest spatial–temporal variations in GWS, especially in the groundwater sustainability assessment and quantitative description of the effects of the SNWTP on changes in GWS in NC. The results may provide a reference for groundwater resource management.