The Yellow River Basin plays an important role in China’s social development and ecological security. Ecological protection and high-quality development in the Yellow River Basin have become a significant national strategy, which makes higher requirements on water resources allocation of the basin. The water allocation should not only help ecological system protection but also ensure high-quality development. With the impact of climate change and human activities, the overall runoff of the Yellow River has decreased in recent decades, but it has recovered slightly in the past several years, and the sediment inflow has decreased significantly compared with the historical situation. To meet the water demand of high-quality development in the Yellow River Basin, based on the new situation of runoff and sedimentation and regional water supply and demand, this article estimated the reserved ecological and sediment transport water on the lower reaches (8~12 billion m3), alternative water supply of the Yellow River by the South-to-North Water Diversion Project and seawater utilization (2.5~4.5 billion m3), and water demand for the development of some of the industries on the upper and middle reaches. Then scenarios of the Yellow River water resources allocation scheme were designed. To strengthen water resource security for the strategic development in the Yellow River Basin, it is necessary to improve the institutional arrangements and regulations of water right transfer and compensation, and explore the coupling mechanism of water and land spatial adjustments.