Using Shaanshu 2001 (high drought resistance variety) and Nongchengjiao 2 (low drought resistance variety) as materials, the experiment was conducted in a rain-shelter net house to study the change laws and mechanisms of growth, yield, osmotic adjustment substances, protective enzyme activity of hot pepper under mild, moderate and sever drought stress and different time duration. The results showed that the drought resistance coefficients of plant height, branch number, leaf area, yield per unit area, chlorophyll content and leaf relative water content tended to decrease with the extension of drought stress time, and the decrease rate was positively related to the intensity of drought stress, and negatively related to the drought resistant ability of hot pepper varieties. The relative values of proline, malondialdehyde content and cell membrane permeability showed upward trend with the prolonging of drought stress. With the lasting of drought stress, the relative values of POD, SOD and CAT activities and soluble protein content increased firstly and then decreased, and the increase rate of the high drought resistance variety was lower than that of the low drought resistance variety. The relative value of soluble sugar content showed increase trend under mild and moderate drought stress, and upward to downward trend under severe drought stress, and the increase rate of the high drought resistance variety was larger than that of the low drought resistance variety. The correlation analysis showed that the yield was significantly positively correlated with the drought resistance coefficients of plant height, branch number, chlorophyll content, leaf area and relative water content, whereas it was significantly negatively correlated with the drought resistance coefficients of cell membrane permeability, CAT activity and soluble protein content. The principal component analysis indicated that the principal indicators to identify the drought resistance of hot pepper were yield per plant, plant height, leaf area, number of branches, the content of soluble protein, soluble sugar, chlorophyll, MDA and cell membrane permeability, the relative water content of leaves. And the secondary indicator was the activity of POD, SOD, CAT and proline content.