To investigate soybean responses to drought stress and growth through metabolism compensation after rehydration, and for the establishment of an optimal water-saving irrigation model, we used the soybean variety Suinong 14 as experimental material and adopted a weighing method for water control in potted plants. We exposed soybean plants to stress treatments at different growth stages using different stress levels and durations. We then studied the effects of drought stress and rehydration on soybean growth and development, osmoregulation, and endogenous hormonal regulations, as well as antioxidant systems. The results showed that drought stress inhibited increases in the soybean plant height and leaf area. This inhibition became more significant as the level, duration, and frequency of the drought stress increased. After rehydration, the soybean plant heights and leaf areas exhibited rapid increases and partial compensation for their decreased sizes. As the level, duration, and frequency of drought stress increased, the compensation effect decreased, but it did not return to the control level. Drought stress reduced the chlorophyll content and relative water content in the soybean leaves and increased the osmolyte contents, antioxidant potential, and peroxidation of the membrane lipids. In addition, the changes mentioned above became more dramatic as the drought stress level, duration, and frequency increased. Upon rehydration, various levels of growth compensation were observed in each physio-biochemical parameter. As the drought stress level, duration, and frequency increased, the compensation effect also increased. Overall, the compensation effect for drought stress that occurred at the early growth stages was higher than that at the later growth stages. Drought stress led to decreases in the ZR/IAA and ZR/ABA ratios in soybean leaves and an increase in the ABA/(IAA + GA + ZR) ratio; thus, the plant growth was inhibited. These hormone ratios exhibited more dramatic changes when the drought stress level became more severe and the stress duration was prolonged. After rehydration, these hormone ratios produced equal compensation effects. Therefore, the compensatory effect of rewatering after drought stress is conditional. Severe stress, especially long-term severe stress, will reduce the compensatory effect. At the same time, drought resistance treatment at seedling stage can improve the adaptability and compensatory effect of re-drought at grain filling stage.