Rainfall and reservoir level fluctuation are two of the main factors contributing to reservoir landslides. However, in China’s Three Gorges Reservoir Area, when the reservoir water level fluctuates significantly, it comes at a time of abundant rainfall, which makes it difficult to distinguish which factor dominates the deformation of the landslide. This study focuses on how rainfall and reservoir water level decline affect the seepage and displacement field of Baijiabao landslide spatially and temporally during drawdown of reservoir water level in the Three Gorges Reservoir Area, thus exploring its movement mechanism. The monitoring data of the landslide in the past 10 years were analyzed, and the correlation between rainfall, reservoir water level decline, and landslide displacement was clarified. By the numerical simulation method, the deformation evolution mechanism of this landslide during drawdown of reservoir water level was revealed, respectively, under three conditions, namely, rainfall, reservoir water level decline, and coupling of the above two conditions. The results showed that the deformation of the Baijiabao landslide was the coupling effect of rainfall and reservoir water level decline, while the latter effect is more pronounced.