Abstract: A greenhouse pot experiment was conducted to study the effects of inoculating Pisolithus tinctorius, Cenococcum geophilum, Cantharellus cibarius, and Suillus luteus  on the physiological characteristics of Pinus massoniana seedlings under the conditions of drought stress and re-watering, with the drought resistance of the mycorrhizal seedlings evaluated. Under drought stress, the  MDA content and membrane’s relative permeability of P. massoniana seedlings increased, but these two indices in the inoculated (mycorrhizal) seedlings  were significantly lower than these in the un=inoculated (control) seedlings. After rewatering, the MDA content and membrane’s relative permeability of  mycorrhizal seedlings  had a rapid decrease, as compared with the control. In the first 21 days of drought stress, the production rate of  superoxide radical of the seedlings increased, and the SOD, POD and NR activities of mycorrhizal seedlings  increased significantly. With the extending of drought stress, the seedlings after re-watering had different recovery ability. Under the rewatering after 14 days drought stress, the SOD, POD and NR activities recovered. The drought resistance of the mycorrhizal seedlings was in the order of Suillus luteus 1 > Suillus luteus 7 > Cantharellus cibarius > Cenococcum geophilum > Pisolithus tinctorius. The SOD and MDA activities had a greater correlation with the mycorrhizal seedlings drought resistance, being able to be used as the indicators to evaluate the drought resistance of mycorrhizal seedlings.