Drought is one of the main factors limiting forest productivity, and thus greatly affects the carbon sink capacity of forests. Here we first chose two drought indices including standardized precipitation evapotranspiration index (SPEI) and self-calibrating Palmer drought severity index (scPDSI) to reflect and analyze the spatiotemporal patterns of drought in the subtropical China. Then, the validated CASA (Carnegie-Amer-Stanford Approach) model was applied to estimate forest net primary productivity (NPP) and further quantify the contributions of drought events and their characteristics on forest NPP. The results showed that drought events during 2000–2015 have resulted in a mean decline of forest NPP of 7.2%. Moderate or severe drought events reduced NPP more significantly than extremely severe drought events. In addition, there was 1–2 years of lagging in the NPP responses to drought, and the lagging time varied with forest types. Our study suggests that forest managers and local governments should pay more attention to the places with moderate and severe drought events, and take measures to avoid NPP decline within the 2 years after drought. Our study also provides data support for further identifying the contribution of drought to ecosystem carbon fluxes in the subtropical China.