Shandong Province, the main grain-producing area in China, has ranked rst in China in terms of total agricultural output value for many years. However, droughts with high frequency and long duration have been hindering local agricultural production. This paper aims to assess the risk of drought disaster in Shandong Province. Based on the natural disaster system theory, an agricultural drought disaster risk assessment model is developed. This model is applied to assess the agricultural drought hazard, exposure, vulnerability, emergency response and recovery capability, and comprehensive agricultural drought disaster risk year by year from 2012 to 2019. The results show that: (1) There is an aridity trend in Shandong Province. The interannual variation of drought hazard is obvious, and the areas with high drought hazard levels are largely located in the eastern part. (2) Agricultural exposure and vulnerability are mainly concentrated in the western part of Shandong Province. With the decrease in the proportion of the rural population, there is a slight downward trend of agricultural exposure. (3) The interannual variation of emergency response and recovery capability in Shandong Province is relatively stable. Agricultural insurance premiums in all regions have a clear upward trend, which is helpful for disaster risk reduction. (4) Rizhao has been in a high-risk area, moreover, Binzhou, Dezhou, and Liaocheng have gradually become high-risk areas in recent years. The interannual variation characteristics and spatial zoning of agricultural drought risk are explored, it is instructive for risk decision-makers to better develop drought response measures and improve drought resilience.