In recent years, the Grid-based distributed Xin’anjiang hydrological Model (GXM) has played an important role in flood forecasting, but when simulating the flooding process, due to the vast amount of data and calculation of the model, the computing time of GXM increases exponentially with the increase of the model warm-up period, which seriously affects the computational efficiency of GXM. Therefore, a parallel computing algorithm of GXM based on grid flow direction division and dynamic priority Directed Acyclic Graph (DAG) scheduling was proposed. Firstly, the model parameters, model components, and model calculation process were analyzed. Secondly, a parallel algorithm of GXM based on grid flow direction division was proposed from the perspective of spatial parallelism to improve the computational efficiency of the model. Finally, a DAG task scheduling algorithm based on dynamic priority was proposed to reduce the occurrence of data skew in model calculation by constructing the DAG of grid computing nodes and dynamically updating the priorities of computing nodes to achieve task scheduling during GXM computation. Experimental results on Dali River basin of Shaanxi Province and Tunxi basin of Anhui Province show that compared with the traditional serial computing method, the maximum speedup ratio of the proposed algorithm reaches 4.03 and 4.11, respectively, the computing speed and resource utilization of GXM were effectively improved when the warm-up period is 30 days and the data resolution is 1 km.