The Yellow River Basin is a large populous area with abundant ecology, energy, food, and ore resources, which plays a prominent strategic role in China. However, the lack of natural water inflow of Yellow River has resulted in a severe water supply and demand dilemma; hence a new development strategy and the planning of water conservancy projects for the Yellow River were born. It is of great significance for the water resources management of large river basins and the precise water regulation to figure out the future water resources allocation pattern of the Yellow River Basin. Based on the analysis results of the current allocation pattern of the Yellow River Basin, we analyzed the ecological protection and high-quality development of the basin and the development strategies for the urban agglomerations in the basin, discussed possible impact of the new approach on the water resources status of the basin, then put forward a new scheme of water resources allocation. Furthermore, we studied the future water resources allocation pattern of the Yellow River Basin under the influence of new strategies and proposed projects. The research results can provide references for the water resources management of other river basins of the world under similar influence.