Studying the patterns of plant resource allocation is of crucial ecological significance, as well as investigating how these patterns respond to environmental change. This study intends to provide a reference for grassland degradation and restoration, as well as grassland grazing management. Therefore, we investigated the biomass distribution of Artemisia frigida in the Stipa breviflora desert steppe in Inner Mongolia under different stocking rates. A randomized block experiment that included four different stocking rates was set up in the field. From these treatments, the total biomass, above- and belowground biomass, and biomass from different plant parts were collected and analyzed. Our results indicated that:(1) the height of A. frigida significantly decreased with the increase in stocking rates (P < 0.05), and A. frigida cover significantly decreased by moderate and heavy grazing (P < 0.05), although its density increased remarkably under light grazing (P < 0.05). (2) The above- and belowground biomass and total biomass of A. frigida significantly decreased with increasing stocking rates (P < 0.05), and the influence of 3-year interannual effects, stocking rates, and interannual interactions on total biomass and above- and belowground biomass was significant (P < 0.05). (3) The biomass was differentially distributed in A. frigida segments, with the highest values measured in the roots, and lower values in the stem, leaf, and flowers or fruits, respectively. Furthermore, the biomass per plant part significantly decreased with increasing stocking rates (P < 0.05). (4) The biomass distribution ratio per A. frigida plant part was different under various stocking rates, with root biomass distribution increasing with moderate and heavy grazing (P < 0.05), and biomass accumulation in the stem significantly increasing with light grazing and significantly decreasing heavy grazing (P < 0.05). In addition, light and moderate grazing enhanced leaf biomass accumulation (P < 0.05), whereas and fruit biomass significantly decreased with increasing stocking rates (P < 0.05). (5) Finally, increasing stocking rates reduced the sexual reproduction ability of A. frigida, and promoted its asexual propagation ability.