Global warming and rapid economic and social development have led to the increased regional and global disaster risk, especially China, which suffers from drought almost every year. Therefore, carrying out disaster risk assessment and studying on influencing factors is important for the sustainable development of regional economic society and disaster risk management. The previous drought risk assessment was highly subjective in terms of assessment methods and assessment index selection, resulting in a strong uncertainty in the risk assessment results, which may cause problems as delineating high drought risk areas in China. Based on the definition of drought risk, this paper reasonably makes the assumption that "the areas with high drought losses in history are more likely to suffer high drought losses in the future", then, we introduce historical drought loss data to correct the drought risk. In this way, a new drought risk assessment model is constructed and the regional differentiation law of drought risk in China has been revealed. Besides, we have quantified the contribution of each influencing factor. The results show that there are 5 significant high drought risk areas in China, including Northeast China, North China, east of Northwest China, east of Southwest China, and a small part in west of Northwest China. The analysis of influencing factors further indicates that high exposure and high vulnerability are the main reasons for the high drought risk in the region.