Taking Jiangsu Province as the research object, the index of transboundary water dependence degree is proposed to describe the contradiction between local water resources and water consumption. Furthermore, the indexes of transboundary water dependence degree and water use balance degree are selected to analyze the water resources utilization structure. Meanwhile, the risk characteristics of drought disaster in Jiangsu Province are analyzed from the perspectives of agricultural drought disaster risk and urban drought disaster risk. The results show that the local water resources in Jiangsu Province was insufficient, the average transboundary water dependence degree of Jiangsu Province from 2017 to 2020 reached 1.70, indicating that the water supply of Jiangsu was highly dependent on the Yangtze River. From 2017 to 2020, the water consumption of agriculture and industry accounted for 47% and 42% of the province’s average water consumption, respectively. The water balance degree of each city in Jiangsu Province varied greatly, of which the maximum value reached 0.746 and the minimum was 0.346. Agricultural drought disaster risk in Jiangsu Province mainly distributed in the endpoints of water diversion projects in Xuzhou and Lianyungang City, and also in Yili mountains of Ning County, south of Jiangsu Province. However, there was no obvious spatial regularity in the distribution of urban drought disaster risk.