Ferula ferulaeoides (Steud.) Korov. is a well-known perennial herb whose growth and distribution are negatively affected by drought. However, the seed germination stage and early seedling growth stage, which may be more sensitive to drought, have not been studied in detail. To reveal the effects of drought on seeds and seedlings of F. ferulaeoides, five water stress conditions induced by PEG-6000 treatment at five different concentrations (0, 5%, 10%, 15%, and 20%) were developed, in a completely randomized order for seeds and seedlings. The results revealed that drought stress significantly reduced seed germination percentage, and that no seeds germinated at a PEG-6000 concentration of 20%. In histomorphology, it was noted that the chloroplast of seedling leaf cells was deformed and vacuolized.The mitochondria structure was damaged in the leaf and root cells. By further analyzing part of the physiological and biochemical parameters of seedlings under drought stress, we showed that antioxidant enzymes such as catalase, peroxidase, and superoxide dismutase responded rapidly under drought stress. The seedlings accumulated a large amount of malondialdehyde under high drought stress. Additionally, drought stress affected the accumulation of proline and photosynthetic pigments.To summarize, drought stress affects seed germination and seedling growth in F. ferulaeoides; heavy drought should be avoided during the germination stage; and seedlings should not be exposed to long-term drought or severe drought. Our results provide information that may be useful for future artificial cultivation.