About one-third of the world’s arable land is susceptible to drought, leading to a decrease in the yield of grain crops. This study selected conventional japonica rice varieties Suijing 309 (drought-tolerant type) and Suijing 318 (drought-sensitive type) as experimental varieties. Based on four levels of drought stress conditions, two treatments were set up with no salicylic acid spraying and foliar spraying of salicylic acid (concentration of 100 mg/L). The growth morphology, physiological and biochemical characteristics, oxidative characteristics, nutrients, and yield of the two varieties under different treatments were measured and analyzed. The results indicated that drought stress decreased the water and gas exchange parameters in rice leaves. Drought stress exacerbated oxidative damage to rice characterized by an increase in malondialdehyde and hydrogen peroxide, an increase in reactive oxygen species production, and a rise in sodiumion content in rice tissues. Foliar spraying with salicylic acid enhanced the activity of antioxidant enzymes such as catalase, ascorbic acid peroxidase, peroxidase and superoxide dismutase, and reduced the degree of oxidative damage in rice. Drought stress reduced the ascorbic acid content, total soluble protein content, total soluble sugar content, total soluble phenol content, proline content, anthocyanin content, salicylic acid content and α-amylase activity, whereas these substance all increased after foliar spraying with salicylic acid. Foliar spraying of salicylic acid not only improved the rice biomass and metabolic activities but also eliminated the toxic effects brought by drought stress, enhanced the antioxidant capacity and improved rice nutritional status, and thereby increased rice yield. Drought-tolerant varieties have a better ability to drought stress than drought-sensitive varieties.