Solar-induced chlorophyll fluorescence (SIF) from ground, airborne, and satellite-based observations has been increasingly used in drought monitoring recently due to its close relationship with photosynthesis. SIF emissions respond rapidly to droughts, relative to the widely used vegetation indices (VIs), thus indicating their potential for early drought monitoring. The response of SIF to droughts can be attributed to the confounding effects of both the physiology and canopy structure. In order to reduce the reabsorption and scattering effects, the total emitted SIF (SIFtot) was proposed and served as a better tool to estimate GPP compared with the top-of-canopy SIF (SIFtoc). However, the response time and response magnitude of SIFtot to droughts and its relationships with the environmental parameters and soil moisture (SM) (i.e., the knowledge of drought monitoring using SIFtot) remains unclear. Here, the continuous ground data of F760toc (SIFtoc at 760 nm) from a nadir view that was downscaled to F760tot (SIFtot at 760 nm), NIRv, and the NDVI, SM, meteorological, and crop growth parameters were measured from four winter wheat plots with different intensities of drought (well-watered, moderate drought, severe drought, and extreme drought) over 2 months. The results indicated that F760tot was more closely correlated with the SM than the VIs at short time lags but weaker at longer time lags. The daily mean values of F760tot and NIRv were able to distinguish the differences between different drought levels, and F760tot responded quickly to the onset of drought, especially for the moderate drought intensity. These findings demonstrated that F760tot has potential for early drought monitoring and may contribute to mitigating the risk of agricultural drought.