The effect of the new compound water-retaining agent on wheat seedlings under drought stress was studied to provide a theoretical basis for the application of the new compound water-retaining agent. After applying different dosages of the new composite water-retaining agent under three water conditions，the rhizome length，relative leaf water content，photosynthetic characteristics，photosynthetic pigment content，antioxidant enzyme activity and antioxidant substances content of wheat seedlings were measured. The test results showed that under mild drought stress(relative soil water content of 55%)，the root length of wheat seedlings was 50.63 cm and the relative water content of leaves was 92.54% after the application of the new composite water retention agent，which had no significant difference compared with normal water conditions(relative soil water content 75%). The chlorophyll content of wheat seedlings reached the highest 2.583 mg/g FW，which was significantly different from other treatments and improved the photosynthesis of wheat seedlings. Under mild drought stress，the superoxide dismutase，peroxidase and catalase activities of wheat seedling leaves were 215.8，4235 and 1246 U/(g·min)FW after applying the new composite water-retaining agent，which was significantly different from other treatments and slowed the senescence of wheat. Under mild drought stress conditions，the application of the new composite water-retaining agent can reduce the content of malondialdehyde，increase the content of free proline，soluble polysaccharides and soluble protein in leaves，reduce the damage to cell membranes by drought stress，increase the antioxidant capacity of wheat，and effectively slow down wheat aging. Under severe water stress(relative soil water content of 35%)，the growth of wheat seedlings was inhibited.