Abstract: An artificial water control experiment was conducted to study the influence of shading on the membrane permeability, osmoregulation capability, and protective enzyme activities of Haplocladium microphyllum during the processes of drought stress and re-watering. Four treatments of shading were installed, i.e., full daylight and 30%, 50% and 70% of shading. During drought stress, the relative water content of H. microphyllum presented a decreasing trend, while the relative conductivity reached the maximum when the drought stress lasted for 21 days, and the conductivity was high up to 58.0% under full daylight. The soluble sugar and free proline contents and the SOD and POD activities of the plant under drought stress were decreased after a sustained increase. During rewatering, the relative water content of H. microphyllum showed an increasing trend, the relative conductivity, soluble sugar and free proline contents, and SOD and POD activities had a slight increase first and decreased gradually then, but the SOD and POD still kept high activities. After rewatering, most of the test indices recovered to the levels before the drought stress. It was suggested that H. microphyllum had the typical characteristics of resurrection plants, possessing a strong capability against drought during the variation of soil moisture content.