Soybean is an important food crop in the world. Drought can seriously affect the yield and quality of soybean; however, studies on extreme drought—weak and strong—are absent. In this study, drought-tolerant soybean Heinong 44 (HN44) and sensitive soybean Heinong 65 (HN65) were used as the test varieties, and the effects of strong and weak droughts on the physiological stability of soybean were explored through the drought treatment of soybean at the early flowering stage. The results showed that the contents of malondialdehyde (MDA), hydrogen peroxide (H2O2), and superoxide anions () increased with the increase in the degree of drought. The plant height and relative water content decreased, and photosynthesis was inhibited. The activities of superoxide dismutase (SOD), peroxidase (POD), and catalase (CAT), and the total antioxidant capacity (T-AOC) showed a trend of first increasing and then decreasing. Through contribution analysis, CAT changed the most, and the role of SOD gradually increased with the aggravation of drought. With the aggravation of drought, the contents of soluble sugar (SSC) and proline (Pro) increased gradually, and the content of soluble protein (SP) increased initially and then decreased. According to contribution analysis, SSC had the highest contribution to osmotic adjustment. SSC and Pro showed an upward trend with the aggravation of drought, indicating that their role in drought was gradually enhanced.