Using the precipitation data of the sixteen stations in the south of the Yangtze River from 1955 to 2009, this paper calculated the drought index of each month and analyzed the change characteristics of the Station Proportion of Drought Frequency and the Drought Intensity based on the Standardized Precipitation Index (SPI). The results have shown that the drought tendency increased at different degrees in annual scale, and the main drought types are Spring Drought and Autumn Drought with the increasing trends on season scale. Meantime, the Summer Drought trend decreased, and the Winter Drought was considerable variation. As far as the space variation characteristics are concerned, the southwest region is the worst drought area, the southern region comes second, and the central and the eastern part are not so severe. As a drought index, SPI can well reflect a Regional Drought feature.