With the implementation of the “Grain-for-Green” program, artificial vegetation was introduced on the Loess Plateau, which resulted in high soil water content (SWC) depletion. Currently, lack of soil water recharge is one of the most serious challenges on the Loess Plateau. Soil drying and wetting processes are critical for the sustainability of soil water recycling, but this has not been well studied. There is also a lack of physical definition of the upper bound SWC of dried soil layers (DSL). In this study, soil water dynamics – the change of SWC affected by precipitation and vegetation transpiration – were studied under converted vegetation. In-situ SWC measurements from the 0–5 m or 0–8 m deep profile over consecutive wet years (from 2016 to 2018 with an average precipitation of 660.9 mm) were analyzed to understand soil water depletion and restoration processes. Results showed distinct differences in soil water dynamics in the soil profiles and soil water balances under different vegetation types. SWC under continuous perennial alfalfa (Medicago sativa) had greater fluctuations between 0 and 300 cm than below 300 cm, and a DSL was observed below 300 cm. After converting from alfalfa to soybean (Glycine max), SWC increased greatly during the three wet years. Soil water storage (S) increased at an average rate of 35.8 mm year⁻¹ m⁻¹ within the top 500 cm of the soil profile, average evapotranspiration (ET) was 482.0 mm year⁻¹, and maximum restoration depth of soil water extended to 660 cm. However, SWC gradually decreased over time after replacing food crop with alfalfa. S declined at an average rate of 21.4 mm year⁻¹ m⁻¹ within the top 500 cm of the soil profile, average ET was 680.4 mm year⁻¹ and the maximum depth of soil water depletion extended to 360 cm. These results suggest that SWC in deep layers can be depleted and replenished quickly, and the processes were dominated by vegetation types and precipitation. Taking vegetation types and soil texture into consideration, the calculation of upper bound SWC of DSL was redefined. Given the long-term effects of high water demand from vegetation such as alfalfa on the soil water balance, ET of vegetation should be reduced through conversion to less water-intensive vegetation types or biomass control (i.e. reduced planting density appropriately) in arid areas of the Loess Plateau.