Increased attention has been given to the influence of changes in environmental factors caused by coal mining subsidence on plant physiology. Rapid chlorophyll fluorescence-induced kinetic analysis is known as an effective probe to examine the stress state of plants, using which the information of photochemical activity and electron transfer of light System Ⅱ under stress can be quickly obtained. Studying the change of chlorophyll fluorescence in plant leaves from a coal mining fractured area is a key link for revealing the effects of subsidence stress on individual plant growth, and it can provide the basis for studying the damage mechanism in plants from a mining subsidence area. Soil moisture is undoubtedly the most important limiting factor on plant growth, and the response of chlorophyll fluorescence variation in plant leaves to soil water content under the influence of coal mining subsidence is not clear. In order to ascertain the effects of soil water content on the chlorophyll fluorescence response of Caragana korshinskii under the influence of mining subsidence crack, the 52302 working face of the Daliuta mining area was selected as the experimental site with C. korshinskii as the research target. Based on an analysis of the influence of mining subsidence cracks on soil water content, the fast chlorophyll fluorescence induction kinetics curve of C. korshinskii leaves at different soil moisture contents from the coal mining subsidence fractured area was monitored. The effect of soil water content change on the chlorophyll fluorescence response of C. korshinskii leaves under the influence of coal mining subsidence cracks was studied. The results showed that (1) since coal mining destroys the soil structure, a large number of cracks formed on the surface, which increased the evaporation of surface soil moisture, accelerating the loss of soil water. The soil moisture content increased when the distance between two cracks was from 0 cm to 300 cm, and the average water content increased from 5.63% to 15.07%, respectively. (2) The soil moisture in the fractured area further decreased, and C. korshinskii faced drought stress. The rapid chlorophyll fluorescence induced kinetic curve of the leaves was deformed by O-J-I-P to O-K-J-I-P curves. Drought stress seriously interfered with the normal function of the photosynthetic organs in C. korshinskii leaves by interfering with the functions of the PSⅡ electron donor side, receptor side, and the electron transport chain.