One-year-old grafted seedlings of Min-43, one of the excellent species in Fujian province were used in a drought stress test. Different soil moisture contents determined in different periods were used to analyze some physiological and biochemical characteristics of C. oleifera seedlings. The results were as follows. Under drought stress condition, chlorophyll content and POD activity in Camellia oleifera seedlings at first increased, then decreased. They reached the maximum values of 2.16 mg·g^-1 and 4.91 μg·g^-1·min^-1, respectively at the 35^th days after the drought stress. The content of MDA, free proline, and soluble sugar were increasing in general and reached the highest values of 11.64 mmol·g^-1, 347.90 μg·g^-1 and 0.261 μg·g^-1_, respectively at the 75^th days, while the soluble protein content was decreasing to the lowest value of 4.77 mg·g^-1at the 75^th days. In conclusion, C. oleifera seedlings grew well under the mild drought stress for 15 to 25 days. Under the moderate drought stress for 25 to 45 days, the drought resistance in the plant was induced; under the severe drought stress for 45 to 75 days, the seedlings withered and eventually died. It is important that C. oleifera seedlings should be watered on time; otherwise their growth will be affected.