Soil hydrological properties play an important role in maintaining ecosystem functions. It is critical to understand how those properties respond to human disturbance especially in semi-arid areas. In the present study, we investigated the effects of different long-term grazing intensities (no grazing, light grazing, moderate grazing, and heavy grazing) on eight parameters that related to soil hydrological properties in different soil depths based on a grazing platform that was established in 2004 on a desert steppe in Inner Mongolia. The relationships among different parameters and between hydrological and chemical properties were also analyzed. The results show that grazing intensity, soil depth, and their interaction all have significant effects on soil moisture content, saturation capacity, field capacity, and bulk density. At different soil depths (0–10, 10–20, and 20–30 cm), soil bulk density was negatively correlated with saturation capacity, capillary capacity, and non-capillary porosity but positively correlated with field capacity. Furthermore, we found that field capacity and soil moisture content were positively correlated but non-capillary soil porosity was negatively correlated with most soil nutrients. Our results indicate that overgrazing has detrimental effects on soil hydrological properties which may further negatively affect soil nutrient content. Light grazing may be an optimal grazing intensity on this semi-arid steppe with respect to soil hydrological properties.