Four varieties of winter wheat with different return green rates were used to analyze the plasma membrane stability and the factors that affect cold-area winter wheat during winter. The removal of reactive oxygen species, the degree of plasma membrane impairment, water content in the crowns, which contain the growing point, were studied during cold acclimation to the deep freezing period. The results show that electrical conductivity reflects the degree of plasma membrane damage under low temperatures was significantly correlated with the free water and the total water content. The MDA content, which reflects the degree of membrane peroxidation, was very significantly correlated with SOD, peroxidase, and ascorbic acid. During this period, the MDA stability, SOD, GSH, and total water and free water content may be used to identify the cold resistance of winter wheat varieties.