The Arctic freshwater budget is critical for understanding the climate in the northern regions. However, the hydrology of the Arctic circumpolar tundra region (ACTR) and the largest pan-Arctic rivers are still not well understood. In the present paper, we analyze the spatiotemporal variations in terrestrial water storage (TWS) of the ACTR, including three of its largest pan-Arctic river basins (Lena, Mackenzie, Yukon), using monthly Gravity Recovery and Climate Experiment (GRACE) data from 2002 to 2016. Together with global land reanalysis, river runoff, and inundation extent area (IEA) data, we identify declining TWS trends throughout the ACTR that we attribute largely to increasing evapotranspiration driven by increasing summer air temperatures. In terms of regional changes, large and significant negative trends in TWS are observed mainly over the North American continent. At basin scale, we show that, in the Lena River basin, the autumnal TWS signal persists until the winter of the following year, while in the Mackenzie River basin, the TWS levels in the autumn and winter has no significant impact on the following year. As global warming is expected to be particularly significant in the northern regions, our results are important for understanding future TWS trends, with possible further decline.