Water conservation is an important service function of ecosystems. A timely understanding of dynamic changes in the water conservation function is important for the protection and reconstruction of water resources. Based on remote sensing data, meteorological data, land cover data, and the "Technical Criterion for Ecosystem Status Evaluation" issued by the Ministry of Environmental Protection of the People's Republic of China, a comprehensive evaluation system was designed to assess the water conservation function of the Xiongan New Area from 2005 to 2015. The system created from four aspects, including ecological structure, ecological stress, water balance and landscape ecology. The results showed that from 2005 to 2015, the water conservation function of the Xiongan New Area first decreased and then increased, and the overall trend was upward. The increasing areas were mainly concentrated around Baiyangdian and near the grassland. Among all evaluated indicators, the precipitation compliance rate index fluctuated the most from -16.62 in 2010 to 6.70 in 2015. The evapotranspiration index was the largest in 2010 (6.47) and the smallest in 2005 (3.52). The Temperature Vegetation Dryness Index (TVDI) showed that the drought was the severest in 2010 and the least severe in 2015. However, the other indicators remain relatively stable. From the perspective of the spatial distribution, the water conservation function of the Xiongan New Area was gradually enhanced from north to south.