Using the Standardized Precipitation Evapotranspiration Index (SPEI) to reflect the meteorological drought, and based on the monthly meteorological data of 19 weather stations both inside and outside of Heihe River Basin (HHRB) in 1967-2009, this study calculated the season scale SPEI sequence and analyzed the drought trend, cycling characteristics, and drought frequency spatial distribution characteristics of four seasons during the 43 years using the M - K trend test, wavelet analysis, and inverse distance weighting (IDW) interpolation method. The results showed that: the SPEI showed increasing trend in the upper and middle reaches, whereas expressed decreasing trend in lower reaches. The frequency of drought-free occurrence was the highest, and the frequency decreased from the upstream to downstream. The drought of HHRB had 16-22 and 32-33 years inter-decadal oscillation period and 2-5 and 6-11 years inter-annual oscillation period. The frequency of light and moderate drought in four seasons of HHRB was much greater than that of sever and extreme drought, the high frequency regions of spring, summer and autumn drought were situated in the middle-upper reaches, while that was concentrated in downstream in winter. And the spatial distribution of sever and extreme drought with high frequency was contrary to the light and moderate drought. This study can provide theoretical basis for rational development and utilization of water resources and scientific drought resistance in HHRB.