Using of winter wheat (Triticum aestivum L.) cultivars (Zhoumai18 and Jimai20) as experimental material, dry matter (DW) accumulation and partitioning pattern, water-solution carbohydrates content (WSC) and yield factors including grain number (GN) and thousnd-grain weight (TGW) were investigated under well watered (W1), slight drought (W2) and severe drought (W3) conditions at Fenqiu Agro-Ecological Experimental Station of Chinese Academy of Sciences in year 2005-2006. The results showed that DW accumulation significantly decreased while the partitioning coefficient values increased for leaf, stem and sheath at the pre-anthesis stage, and for spike at the post-anthesis stage under drought stress. The stem WSC decreased at the jointing stage, but leaf, sheath, stem and root WSC increased during the booting and anthesis stages. The TGW of both cultivars was positively correlated with stem and root WSC at the booting and anthesis stages, and with leaf DW at anthesis atages (P＜0.05). The GN was positively correlated well with stem WSC at the jointing stage (P＜0.01), and with stem and leaf DW at the anthesis stage (P＜0.05). These results reach a conclusion that the jointing stage appeared to be a crucial water-requiring phase. Drought stress led to photosynthate translocation toward growth centers. Stem WSC appeared to be a indicative parameter for drought resistance breeding work.