The objective of this study is to develop a stochastic continuous storage function model for enhancement of an event-oriented watershed and channel storage function models which have been used as an official flood forecast model in Korea. For this study, soil moisture accounting component is added to the original storage function model and each hydrologic component, such as surface flow, subsurface flow, groundwater flow and actual evaportranspiration, is simulated as a function of soil water content. And also, ensemble Kalman filtering technique is used for real-time assimilation of measured streamflow from various stream locations in the watershed. Therefore the enhanced model will be able to simulate hydrologic components for long-term period without additional estimation of model parameters and to give more accurate and reliable results than those from the existing deterministic model due to the assimilation of measured streamflow data.