The aim of this study was to explore the response of the stoichiometric and photosynthetic characteristics of a dominant plant species in a typical grassland to changes in precipitation. Rain shelter technology was used to simulate 50%, 100%, and 150% of natural rainfall. The photosynthetic rate (Pn), intercellular CO2 concentration (Ci), transpiration rate (Tr), stomatal conductance (Gs), and ecological stoichiometry of the rhizosphere soil and Stipa bungeana at different growth stages were measured in May, July), and September, 2019 after 2 years of rainfall control. The results showed that the aboveground carbon (C) content of plants grown under 150% precipitation was significantly higher than that of plants grown under 100% precipitation in September. The aboveground nitrogen (N) content of plants under 50% precipitation was significantly higher than the plants grown under 100% precipitation. Under all different precipitation treatments, the aboveground C:N ratio was the lowest (16.4–19.6) in May. The range of average aboveground C: phosphorous (P) ratio was 373.7–617.8, and the N:P ratio in the descending order was July > May > September. The 50% precipitation treatment promoted the highest accumulation of underground C at all the growth stages. The productivity of the grassland under the 100% and 150% precipitation treatments was limited by the rhizosphere soil N and P. The underground C, P, C:P, and aboveground C:N ratios were sensitive indicators. Aboveground and underground N:P ratio showed the strongest significant correlation (P < 0.001), and the correlation between underground stoichiometry and rhizosphere soil P (P < 0.001) was stronger than that with rhizosphere soil N (P < 0.05). The correlation between Ci and stoichiometry was opposite in direction to the correlation between Pn, Tr, Gs, and stoichiometry. The research results will provide a scientific reference for understanding of the material cycle and judgment of vegetation nutrient limitations in the Loess Plateau.