Abstract: There are many bank slopes in the Three Gorges Reservoir area, and the stability of these slopes is affected by both the variation of the reservoir water level and the abundant rainfall in the reservoir area. To study the response law of deformation and stability of the Liangshuijing landslide under reservoir water drawdown and rainfall, based on GeoStudio finite element software, the deformation characteristics and stability evolution laws of the Liangshuijing landslide under eight different conditions were analyzed. The rainfall response factor and the joint response factor of the landslide were defined and extracted. The deformation results show that the front edge deformation of the landslide is controlled mainly by the drawdown of the reservoir water, while the back edge is affected mainly by rainfall. A tractive movement characteristic of the landslide is shown when taking the combined effect of reservoir water drawdown and rainfall into consideration, and this characteristic is evident in the middle and back areas of the landslide where the deformation response is much smaller than that in other areas. The stability analysis indicates that the stability of the landslide is controlled mainly by the reservoir water drawdown. The stability of the landslide decreases as the water drawdown velocity increases; however, the scale of stability decline decreases gradually when the drawdown velocity exceeds 0.6 m/d. When the velocity is greater than 1.0 m/d, the increase of drawdown velocity has little effect on the stability, and the stability is more sensitive to the 50-year rainstorm, which provides a certain basis for prevention and control of the Liangshuijing landslide.