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BACKGROUND Based on the interrelationship among photosynthesis (Pn), water consumption and drought resistance physiology under water changes, this study aimed to explore whether easily measured Pn could be used to reflect the physiological state of winter wheat and soil moisture. The study was a greenhouse pot experiment, with three growth periods and four gradients of moisture. RESULTS The instantaneous water use efficiency of wheat improved significantly under short‐term regulated deficit irrigation conditions. The photosynthetic parameters could effectively reflect the level of soil moisture (receiver operating characteristic curve analysis, area under the curve = 0.683–0.988). There was a significant correlation between Pn and yield under drought and rewatering (P < 0.05). The water consumption of winter wheat was significantly reduced by 15.5% to 47.6% (P < 0.05) during drought owing to the reduction of stomatal conductance and transpiration rate (Tr). There was a significant linear relationship between Tr and daily water consumption (R2 > 0.745, P< 0.05). There was a significant quadratic linear relationship (R2 > 0.600, P < 0.05) between Pn and the drought resistance indicators. The protective effect of drought resistance physiology on Pn was more significant during drought than during rewatering. Among the four physiological indicators of drought resistance, the relationship between peroxidase activity and Pn was relatively close (grey relational analysis, GRO = 1). CONCLUSIONS The photosynthetic parameters during conditions of short‐term water changes could effectively reflect the status of soil moisture, water consumption, yield and drought resistance. A focus on Pn and the rational use of related relationships are conducive to the selection of drought‐resistant varieties and developing refined agricultural management. © 2021 Society of Chemical Industry.

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