In 2005—2006, two experiments were carried out to study the effect of drought stress on photosynthate partitioning patterns of winter wheat, as well as ecophysiological responses of winter wheat to drought and rewatering, at the Fengqiu Agro-ecological Experimental Station, Chinese Academy of Sciences. Jimai20 and Zhoumai18, two winter wheat cultivars differing in sensitivity to drought stress, were grown in the field under a retractable awning. In experiment, plants were subjected to severe drought stress at the reviving stage, and then rewatered respectively at the jointing stage (Wr1), the booting stage (Wr2) and the flowering stage (Wr3). Rewatering had compensatory effects on losses in winter wheat biomass induced by drought stress. Rewatering at the jointing stage had the greatest stimulating effect on biomass. Compensatory growth however did not lead to a full recovery of leaf area lost during the drought period. Rewatering at first suppressed root growth, and then stimulated it. Drought stress led to reduced photosynthate allocation in leaves and spikes, and increased photosynthate allocation in the stem, leaf sheaths and roots. Rewatering at the jointing stage, the booting stage and the flowering stage boosted photosynthate accumulation in leaves, the stem and grains respectively. Rewatering at all stages allowed full recovery of drought induced yield loss, by increasing number of spikelets at the jointing stage or 1 000 kernel weight at the booting and flowering stages.