Bankfull discharge is a comprehensive factor reflecting the channel-forming capability of water flow and the flood and sediment transport capacity of a river channel. It is based on the interaction of the flow, sediment, and river channel, of which flow and sediment conditions play crucial roles. Using data recorded since the 1950s, this paper analyses statistically, the characteristics and variations of bankfull discharge at two stations on the Inner Mongolian reaches of the upper Yellow River. Results indicate that flood season variations in bankfull discharge are nonlinear and are governed by flood peak discharge, mean discharge, and the mean incoming sediment coefficients. Variation in bankfull discharge is related not only to the flow and sediment conditions of the current year but also to those of previous years. The 10-year moving average of flow and sediment conditions can be representative of present and previous years. By considering flood season peak discharge and incoming sediment coefficients as independent impact factors, a formula is derived to determine bankfull discharge. The results can be used to predict the bankfull discharge of the Yellow River channel in Inner Mongolia under specific flow and sediment conditions and provide reference for the purpose of further study related to restoring and maintaining the basic functions of the river channel regarding flood discharge and sediments.