The eco-hydrological process related to vegetation on the Qinghai–Tibet Plateau is special, and the impact of snow cover on the growth of vegetation is unique and important. In this study, we analyzed the multi-year variations in the normalized difference vegetation index (NDVI) and snow cover on the Qinghai–Tibet Plateau from spatial and temporal perspectives and determined the relationship between the changes in the NDVI and snow cover. Results showed that in the last 40 years, the rate of change in the snow depth on the plateau was −0.016 mm/a, and the NDVI changed by 0.0005/a. The correlations (|R| values) between the different factors and the NDVI followed the order of precipitation (0.77) > snow depth (0.76) > temperature (0.67) > solar radiation (0.21). The responses of the NDVI to changes in meteorological elements were synchronous, whereas the opposite was found for the snow cover. The snow cover had more significant impacts on vegetation at higher elevations. The NDVI had a lag of about 2 months from the onset of the snow cover, and heavy snow events had negative impacts on the NDVI for more than 3 years. Our findings will facilitate studies of ecological vulnerability and the predictions of changes in vegetation on the plateau.