This study investigates the hydrological processes and water body transformation mechanisms in the Yuanmou dry–hot valley, focusing on precipitation, well water, spring water, river water, and reservoir water, during both wet and dry seasons. The spatiotemporal characteristics and significance of the hydrogen and oxygen stable isotopes across these water bodies were analyzed. Key findings included the following: (i) Seasonal variations in precipitation, river water, and shallow groundwater were minimal, and were primarily driven by differences in water vapor sources and transport distances during wet and dry seasons. The seasonal effects of mid-deep groundwater and reservoir water were influenced by leakage recharge from deep aquifers and temperature variations, respectively. (ii) The groundwater line-conditioned excess (lc-excess) deviated significantly from the Local Meteoric Water Line, indicating that precipitation recharge occurred primarily through slow infiltration piston flow with significant isotopic fractionation. (iii) River water was recharged by precipitation, deep groundwater, and spring water; well water by precipitation and lateral groundwater inflow; spring water by deep groundwater; and reservoir water by precipitation, groundwater, and water transfer, with strong evaporation effects. (iv) Using a binary isotope mass balance model, the recharge ratios of precipitation and groundwater to surface water were calculated to be 40% and 60%, respectively. Additionally, during the wet season, the proportion of groundwater recharge to river water increased. This study provides valuable insights into hydrological cycle processes in dry–hot valleys and offers a scientific basis for the sustainable development and management of water resources in arid regions.