Evapotranspiration is an important component and key link of river basin water cycles and plant hydrological processes, and is a core issue in global climate change research. It is not only an important way to understand the energy and water consumption of permafrost regions, but also is an important channel to master the water cycle and energy balance in cold regions. In this paper, multiple linear regression analysis method and weighted comprehensive analysis of major factors method were used to investigate the variation characteristics and impact factors of evapotranspiration in the Genhe River Basin. The results showed the following: (1) The monthly average evapotranspiration in the Genhe River Basin during the freezing-thawing periods in 1980–2017 was 28.29 mm. Compared with the freezing-thawing periods, the total evapotranspiration in the growing seasons was much higher than that in the freezing-thawing periods, with monthly average evapotranspiration of 67.71 mm; (2) The main factors affecting evapotranspiration in the Genhe River Basin were precipitation and temperature. During the freezing-thawing periods, the variation in evapotranspiration in May was mainly determined by temperature. In the growing season, precipitation was the main factors affecting evapotranspiration in June. This will lay a foundation for clarifying the relationship between permafrost–climate change–hydrologic cycle in the permafrost active layer during the land surface process, so as to provide some basic data and important scientific basis for the comprehensive study of the hydrologic process and its impact on climate, ecology, water resources and environment in the permafrost area.