Based on China′s inter-provincial panel data, the paper evaluates the agricultural drought and flood resisting effect of the newly increased water conservancy investment and various types of water conservancy facilities at national and regional levels. Research results show that the newly increased water conservancy investment can effectively reduce drought and flood disaster rate. However, the drought resisting effect of water conservancy investment is better than flood resisting effect. Reservoirs can effectively reduce drought disaster rate, but increase the rate of the flood disaster. And the drought resisting effect of sluices is good. From regional perspective, the newly increased water conservancy investment can effectively reduce drought disaster rate in eastern, middle and western regions, but flood resisting effect in eastern region is the most obvious one. Wells play a role in reducing drought disaster rate in the middle region, but increase the rate of drought disaster in eastern and western regions. Sluices have an effect on reducing flood disaster rate in middle region. The length of dike is positively correlated with the flood disaster rate in middle region. The installed capacity of electromechanical irrigation and drainage pumping station is positively related to the drought disaster rate in western region while the installed capacity of electromechanical irrigation and drainage pumping station is negatively correlated with the flood disaster rate in eastern region, which has positive correlation in middle region.