Wetland is a unique ecosystem formed by the interaction of land and water, but due to the impact of climate change and human activities in recent years, it has shown a certain degree of degradation. Wetland have become one of the most threatened ecosystems. Therefore, this paper chooses the wetland of the first meander of the Yellow River was selected as the research object. Based on field sampling data and different degradation degrees of the wetland (Non Degradation, ND; Light Degradation, LD; Moderate Degradation, MD; Heavy Degradation, HD) to analyze the characteristics of plant community and soil and their relationships. The results showed that the importance value of Gramineae decreased with the increase of wetland degradation. The important values of noxious weeds showed an increasing trend. Plant height, coverage and aboveground biomass decreased significantly with the increasing of degradation degree. The Patrick species richness index was the lowest under severe degradation, indicating that the plant community structure changed from complex to simple. Soil organic carbon and total nitrogen decreased significantly with the increase of wetland degradation, while the ratio of carbon to nitrogen and pH value showed the opposite trend. The result indicated that the increase of alpine wetland degradation was not conducive to the accumulation of soil nutrient content, and the soil gradually became alkaline. This study found that soil pH, soil organic carbon and total nitrogen were physicochemical factors in response to alpine wetland degradation. Soil factors affecting plant community characteristics were slightly different in different wetland degradation degrees, among which soil electrical conductivity had the most obvious effect on plant community characteristics, which was related to soil nutrient content at that time. In the degradation process of wetland, the growth and structural characteristics of plant community have changed obviously. And the physical and chemical properties of soil and their interaction with plant community have changed, affecting the ecological function of wetland. Therefore, the study of plant community and soil physical and chemical characteristics can provide a basis for restoring the degraded wetlands.