The objective of the present paper is to study the influence of water stress on wheat spectrum red edge parameters by using field wheat spectrum data obtained from water stress experiment. Firstly, the authors analyzed the influence of water stress on wheat spectrum reflectance. Then the authors got the wheat red edge position and red edge peak through calculating wheat spectrum first-order differential and analyzed the influence of water stress on wheat red edge parameters. Finally the authors discussed the relationship between red peak and wheat yield. The results showed that the wheat red edge position shows “red shift” at the beginning of the wheat growth period and “blue shift” at the later period of the wheat growth period under the water stress experiment. Also, the red edge peak of the wheat showed that red edge peak increased with the water stress sharpening at the beginning of the wheat growth period, and then the red edge peak reduced with the water stress sharpening. The wheat red edge peak presented positive correlation with the wheat yield before the elongation period, and exhibited negative correlation after that period.