Aiming at the meteorological drought problem, this paper constructs a drought identification system based on the variable fuzzy theory, introduces the pre-precipitation influence coefficient to correct the drought process, analyzes the probability of drought in various degrees based on run-length theory and quantifies the drought loss with the average drought intensity to set up a meteorological drought risk assessment model. Taking the Huaihe river basin as an example, the risk assessment of meteorological drought shows that when the duration of drought is less than three months, the risk of meteorological drought is high in the southwestern and northeastern Huaihe River basins otherwise, the risk comes to the highest in north area of 'the section between Wangjiaba and Bengbu and ‘west area of 'the northwest section of Nansi Lake’.