In order to determine how the subaqueous delta evolution depends on the water and sediment processes in the Yangtze Estuary, the amounts of water and sediment discharged into the estuary were studied. The results show that, during the period from 1950 to 2010, there was no significant change in the annual water discharge, and the multi-annual mean water discharge increased in dry seasons and decreased in flood seasons. However, the annual sediment discharge and the multi-annual mean sediment discharge in flood and dry seasons took on a decreasing trend, and the intra-annual distribution of water and sediment discharges tended to be uniform. The evolution process from deposition to erosion occurred at the -10 m and -20 m isobaths of the subaqueous delta. The enhanced annual water and sediment discharges had a silting-up effect on the delta, and the effect of sediment was greater than that of water. Based on data analysis, empirical curves were built to present the relationships between the water and sediment discharges over a year or in dry and flood seasons and the erosion/deposition rates in typical regions of the subaqueous delta, whose evolution followed the pattern of silting in flood seasons and scouring in dry seasons. Notably, the Three Gorges Dam has changed the distribution processes of water and sediment discharges, and the dam’s regulating and reserving functions can benefit the subaqueous delta deposition when the annual water and sediment discharges are not affected.