By the methods of direct measurement and regression analysis, this paper estimated the water storage capacity of Picea crassifolia forest canopy in Guantan in Qilianshan Mountains, based on the observed throughfall and the laboratory experimental data about the water storage capacity of various canopy components in 2008. Due to the impacts of various factors, differences existed in the canopy water storage capacity estimated by the two methods. The regression analysis was mainly impacted by the measurement approaches of the throughfall, the maximum water storage capacity estimated being 0.69 mm, whereas the direct measurement was mainly impacted by tree height, diameter at breast height, plant density, and leaf area index, with the estimated maximum water storage capacity being 0.77 mm. The direct measurement showed that the maximum water storage capacity per unit area of the canopy components of the forest was in the order of barks (0.31 mm) > branches (0.28 mm) > leaves (0.08 mm).