Sustainable development is an eternal theme of social, economic system. On the basis of the purpose of water resources sustainable development, the paper systematically has researched the problem of Yishuhe River basin water resources allocation. Three target sets, including economic, social and ecological goals, were constructed, and some quantitative indexes chosen. And then the multiobjective optimization model was used to allocate water resources of six regions in Yishuhe River basin. Because of probability of appearance of wet year and dry year, two distribution results were obtained. On the basis of these results, the shortage of water quantity and the rate of water shortage in various areas and sectors during wet years and dry years were researched, and some suggestions given finally.