Accurate quantification of water balance components in watersheds is a very important element in assessing the changes in hydrological components and subsequent change in water resources. The objective of this research was quantitative analysis of water balance of Zayandeh-Rud River watershed utilizing remote sensing derived data (e.g. land cover, evapotrairation, precipitation, and digital elevatio model) and meteorological data. The analysis was based on GIS operations to compute water components amount on a pixel-by-pixel basis. For this purpose, the estimation of pixel-scaled monthly evapotrairation was conducted via the Surface Energy Balance Algorithm for Land (SEBAL) using time series of Moderate Resolution Imaging Spectroradiometer (MODIS) images and meteorological data; precipitation was derived from the monthly Tropical Rainfall Measuring Mission (TRMM) satellite observatio runoff was estimated by the SCS-CN method; and finally, recharge was calculated by applying the water balance method where evapotrairation estimates and runoff were subtracted from precipitation. Water balance components were quantified separately. Quantitative analysis reveals an average of annual precipitation, runoff, evapotrairation, and recharge of 6298, 1695, 4484, and 88.84 MCM yr -1 in the year 2013, respectivley. Findings of this study confirm the application of the derived satellite data in estimating water balance components of the watersheds to improve the accuracy of the watershed water budget calculation. Keywords : MODIS, TRMM, Evapotrairation, Precipitation, SEBAL, Water balance, Zayandeh-Rud River watershed