Water resources monitoring is the foundation of water resources management. China is implementing the strictest water resources management system toward precise and dynamic management in terms of water quantity, water quality, and water use efficiency, with higher requirements for water resources monitoring. Water resources components are characterized by large spatial and temporal differences. Currently, the water resources monitoring system is based mainly on ground monitoring. However, it is difficult to carry out large-scale and long-term monitoring based solely on ground measurements. There are still knowledge gaps in the fine and dynamic water resources management. With continuous and rapid increases in satellite data, this paper examines the use of multi-mission satellite data, ground observation systems, and land data assimilation systems to jointly develop a stereoscopic monitoring system, which would be of value to address the monitoring gaps for water cycle components and to enhance the monitoring capability of water resources in China, with important implications for stereoscopic water resources monitoring for other countries and regions globally.