Accurate assessment of agricultural drought risk is of strategic significance to ensure future grain production security in the main grain production areas of China. Agricultural drought risk assessment is based on drought vulnerability characteristics. In this study, firstly the drought thresholds were redefined by correlation analysis of drought strength based on the Standardized Precipitation Evapotranspiration Index (SPEI) and drought damage rates, then the information distribution and the two-dimensional normal information diffusion method were employed to establish the vulnerability curve between drought strength and drought damage rates. Finally, provincial drought risks and the conditional probabilities at different drought damage stages were obtained. The results show that the drought vulnerability curve was nonlinear. With the increase of drought strength, drought damage rates increased rapidly at the beginning, and after a small fluctuation locally, they no longer increased significantly and tended to be relative stable. The occurrence probabilities of agricultural drought risk presented great spatial differences, with the characteristics of high in the northern, moderate in the central and southwestern part, and lower in the southeastern provinces in the main grain production areas of China. The analysis of conditional probability showed that Hubei, Henan, and Jiangxi were the provinces most prone to drought-affected risk under the drought-induced condition; while Liaoning, Hunan, and Inner Mongolia were the ones most prone to lost harvest risk under the drought-induced or the drought-affected condition. The results could be used to provide guidance for drought risk management and to formulate appropriate plans by the relevant departments.Atmosphere 2019, 10, 764 2 of 24 security in the main grain production areas could have a profound impact on the security of the whole country. Therefore, it is very important to have accurate evaluation of the agricultural drought risk to ensure future grain production security.Generally, drought can be classified into four types: Meteorological drought, agricultural drought, hydrological drought, and social-economic drought [8]. Meteorological drought is a prerequisite for the other three droughts. In order to effectively prevent and mitigate the drought disasters, drought research has attracted the attention of the government and scholars. The research about the definition of drought index [9,10], the causes of drought [11][12][13], the evolution of drought characteristics [14,15], and the impacts of drought [16,17] has received great attention. In terms of drought indexes, the Palmer Drought Severity Index (PDSI), the Standardized Precipitation Index (SPI), and the Standardized Precipitation Evapotranspiration Index (SPEI) have been utilized widely. PDSI takes the changes in surface water balance into account, while the acquisition is difficult because of the complex calculation process and the limited time scale [18]. SPI is a representative index for drought an...