The drought is a most severe natural disaster worldwide, which leads to great risk in human being. The drought disaster and risk have more prominent because of obvious climatic warming in the last hundred years. At present, the understanding of the internal laws of the occurrence of drought and drought risk is not comprehensive, and the recognition of the characteristics of the drought and drought risk under climatic warming is obscure. In this paper, we summarized systematically the domestic and overseas research progress of the drought and drought disaster risk, introduced the principle of the drought disaster transfer process and the essential features of drought disaster, analyzed synthetically the main characteristics and interactions among the key factors of the drought disaster risk, discussed the effect of climatic warming on drought and drought disaster risk, and probed into the basic requirement of drought disaster risk management. Above all, we provide the main protective measurements of the drought disaster and the main strategy of drought disaster risk management.