To improve the risk management of regional drought disaster, evaluation of agricultural drought vulnerability in Henan and Shandong was conducted. Combined with relevant literature and regional reality, 12 indicators in two perspectives of sensibility and resilience were selected to establish an evaluation index system. The indexes of agricultural drought vulnerability for cities in the study area were calculated by a vulnerability model based on entropy value method and comprehensive index method. Key influencing factors were identified by a factor contribution model. The results show that, relative significant disparity with different vulnerability levels exists among cities in the study area and the overall vulnerability level is moderate. The spatial difference of agricultural drought vulnerability is obvious and the vulnerability in Henan is higher than that in Shandong. The main influencing factors of agricultural drought vulnerability in Henan are the proportion of agriculture population, multiple-crop index and the income of rural residents per capita. The main influencing factors in Shandong are the proportion of effective irrigation area, agricultural water consumption per unit area and the average financial income.