A degradation of the function of lakes can be probably caused by droughts. Analyzing the drought characteristics of lakes systematically and quantifying the impact of drought on lakes are of great practical significance. Based on the monthly precipitation data of 13 meteorological stations and the daily water level data from 5 water level gauging stations in the Poyang Lake basin from 1958 to 2007, negative trends of the standardized precipitation index (SPI) in spring and autumn were recognized by using the Mann-Kendall test. By using Kriging interpolation method, it was also found that drought can occur and transit in different periods and different regions. An evident relationship between the drought phenomena and the lake’s water level were demonstrated by using Spearman’s rank correlation coefficient. Water level is sensitive to SPI values with 3 and 6-month time scales, and the further the station is away from the outlet of the lake, the more strongly the drought may affect the water level.