Using GPS data for the Yinchuan Basin and adjacent regions, in this paper, we describe the characteristics of the current crustal horizontal movement. We investigated the tectonic dynamics and seismic risk in the Yinchuan Basin by analyzing the spatial distribution characteristics of the principal strain rate, surface expansion rate, maximum shear strain rate, and small earthquakes. The results show that the main movement of the eastern piedmont fault of Helanshan and the northern section of the Yellow River fault is extensional strike-slip, whereas the southern section of the Yellow River fault is dominated by strike-slip movement. The principal strain rate of the Yinchuan Basin is higher than that of the surrounding blocks. The surface expansion and maximum shear strain rates in the basin also show strong tensile and shear deformations. The Yellow River fault and the eastern piedmont fault of Helanshan show strong strain accumulation, which indicates a relatively strong seismic risk.