Minqin field and potted Agriophyllum squarrosum were used as the research objects. The control, wind retaining wall, watering and watering + wind retaining wall treatments were set under natural conditions, and the wind speed (0, 6, 8, 10 and 14 m·s^-1) and the blowing time (0, 15, 30 and 45 min) were set under the drought and watering environments in the wind tunnel, respectively. To investigate the effects of windsand flow and drought stress on photosynthesis of A.squarrosum, we measured the photosynthetic physiological characteristics of A.squarrosum by LI6400 portable photosynthetic apparatus. The results showed that: (1) under the natural field condition, the P_n diurnal progression of control, windretaining wall and watering treatments showed “double peak” curves, while it showed “single peak” curve in the windretaining wall + watering treatment. The peak value of windretaining wall was higher than that of the control, and the “lunch break” time of watering treatment was later than that of the control. The diurnal trends of G_s, T_r and WUE were similar to those of P_n, while the diurnal trends of C_i were opposite. The daily mean value of WUE was the highest in the retaining wall treatment, the daily mean value of T_r was the highest in the watering treatment, and the daily mean value of P_n and G_s were the highest in the retaining wall + watering treatment. (2) Under the watering condition, P_n and G_s increased under the low speed (6 m·s^-1) sand flow stress, then decreased with the increase of wind speed, T_r increased with the increase of wind speed, and WUE decreased gradually. Under drought conditions, P_n, G_s and WUE decreased with the increase of wind speed, while C_i and T_r increased. At the same wind speed, P_n, G_s, T_r and WUE of the watering treatment were higher than those of the drought stress treatment, while C_i and WUE of the watering treatment were same to those of the drought stress treatment. (3) The photosynthetic performance of A.squarrosum was significantly decreased when it was blown by medium speed (8 m·s^-1) sand flow for 45 min under watering condition, and significantly decreased when it was blown by medium speed sand flow for 30 min under drought stress. The results showed that drought and windsand flow stress could inhibit the photosynthetic performance of A.squarrosum, while watering and retaining wall could improve the photosynthetic performance. The photosynthetic performance of A.squarrosum was significantly enhanced by lowspeed aeolian sand flow stress under watering condition, but decreased with the increase of wind speed under drought stress. Watering could prolong the tolerance time of photosynthesis to persistent wind sand flow stress.