Possible application of the satellite gravity survey data obtained under the Gravity Recovery and Climate Experiment (GRACE) for solving various hydrological problems is discussed. Former investigations linked the monthly changes of the terrestrial gravity field of the Earth to the movement of water masses within the continental part of the hydrological cycle. The GRACE technology allows obtaining the realistic mean data on the changes of land water resources on continental and regional scale. The technique could be useful for the monitoring of river discharge, snow cover, glacier melting and groundwater level oscillations over vast territories. The specific features of the technique itself and the data processing are described. The GRACE-based monthly gravity field data are transformed into the maps of water level equivalent and averaged for the catchments of the largest rivers of Russia. The temporal variability of the parameter is analyzed. Possible application of the GRACE data for the evaluation of particular components of water balance within the largest river basins of the European part of Russia is discussed.