Germination of dragon spruce (Picea asperata Mast.) seeds pretreated with gibberellin (GA) in response to water stress and changes in the levels of osmotic adjustments as well as in activities of antioxidant enzymes were investigated. With decreasing water potential caused by increasing concentrations of PEG 6000, germination percentage and germination index decreased gradually; the decrease was especially prominent under the serious water stress from PEG -0.6 MPa. In contrast, osmotic regulation substances (free proline and soluble sugar contents), lipid peroxidation (MDA), and activities of antioxidant enzyme (ascorbate peroxidase, catalase, and peroxidase) increased markedly with decreased water potential. Similarly, the values in all parameters under -0.6 MPa PEG treatment were markedly higher than the control and -0.2 MPa PEG treatment. These results suggested that P. asperata seed germination was insensitive to water stress. In addition, seeds pretreated with GA had increased tolerance to water stress as measured by germination percentage and germination index, osmotic regulation substance, and antioxidant enzyme activities.