This paper studies the effect of drain bias on ultra-short p-channel metal-oxide-semiconductor field-effect transistor (PMOSFET) degradation during negative bias temperature (NBT) stress. When a relatively large gate voltage is applied, the degradation magnitude is much more than the drain voltage which is the same as the gate voltage supplied, and the time exponent gets larger than that of the NBT instability (NBTI). With decreasing drain voltage, the degradation magnitude and the time exponent all get smaller. At some values of the drain voltage, the degradation magnitude is even smaller than that of NBTI, and when the drain voltage gets small enough, the exhibition of degradation becomes very similar to the NBTI degradation. When a relatively large drain voltage is applied, with decreasing gate voltage, the degradation magnitude gets smaller. However, the time exponent becomes larger. With the help of electric field simulation, this paper concludes that the degradation magnitude is determined by the vertical electric field of the oxide, the amount of hot holes generated by the strong channel lateral electric field at the gate/drain overlap region, and the time exponent is mainly controlled by localized damage caused by the lateral electric field of the oxide in the gate/drain overlap region where hot carriers are produced.