A method for controlling a work vehicle based on a monitored tip condition of the work vehicle may generally include determining, with a computing device, a combined center of gravity for the work vehicle based at least in part on an external load applied to a loader arm of the work vehicle, determining a tip-related state of the work vehicle based on a location of the combined center of gravity relative to a pivot point defined between a tire of the work vehicle and a driving surface for the work vehicle and automatically performing a corrective action to counteract vehicle tipping when it is determined that the work vehicle is in a tipping state.