Abstract: Taking ‘Ningqi No.1’ wolfberry as the test material, a certain degree of water stress was applied during the vegetative growth and full flowering（StageⅠ）,full fruit period（StageⅡ）,and autumn fruit period（StageⅢ）.Using statistical methods, the effects of different water stress treatments on plant water consumption characteristics and fruit medicinal and nutritional quality were studied, in order to obtain the optimal water production conditions.The results showed that water stress significantly reduced the water consumption of wolfberry, and the reduction range increased with the increase of water stress.Compared with deficit irrigation, after StageⅡ mild water stress, as the degree of stress intensified in StageⅢ,the content of wolfberry polysaccharides, total flavonoids, betaine, β-carotene and fat increased, while the content of vitamin C and protein decreased.After StageⅡ moderate water stress, with the intensification of the stress in StageⅢ,the content of wolfberry polysaccharides, total flavonoids, betaine, β-carotene, vitamin C and protein increased, and the fat content decreased.After StageⅡ severe water stress, with the intensification of the stress in StageⅢ,the content of wolfberry polysaccharides, betaine, β-carotene, vitamin C and protein increased, while the content of total flavonoids and fat decreased.Comprehensive analysis believes that moderate or mild deficits in StageⅡ and StageⅢ can take into account the efficiency of irrigation and production benefits.