In order to explore the physiological response mechanisms and differences in drought tolerance among four species of Ormosia, including Ormosia semiastrata, Ormosia henryi, Ormosia xylocarpa, and Ormosia hosiei, under drought stress and rehydration conditions, a pot culture method was conducted using four species of Ormosia as test materials. The experiment set up four treatment groups, namely, control group (CK), mild drought group (LD), moderate drought group (MD), and severe drought group (SD). After 28 days of drought stress, all test materials were subjected to rehydration treatment. Changes in plant morphological, physiological, and photosynthetic characteristics were measured on 0, 7, 14, 21, 28, and 42 days (14 days after rehydration) of the experiment, and the drought tolerance of the four species of Ormosia was comprehensively evaluated using principal component analysis and membership function analysis. The results showed that the SD treatment group of four species of Ormosia all showed significant drought damage symptoms, while the O. xylocarpa showed the earliest and the most severe drought damage symptoms, while the O. hosiei showed the least drought damage symptoms. As the degree of drought stress increased and the duration of stress prolonged, the relative water content (RWC) of leaves decreased, while electrical conductivity (REC) and malondialdehyde (MDA) content gradually increased. The activity of superoxide dismutase (SOD), soluble protein (SP) and chlorophyll (CHL) content first increased and then decreased. The Net photosynthetic rate of leaf (Pn), stomatal conductance (Gs), and transpiration rate (Tr) gradually decreased, while intercellular CO2 concentration (Ci) first decreased and then increased. After 14 days of rehydration treatment, except for the death of the plants in the SD treatment group of O. xylocarpa, the symptoms of drought damage in each treatment group of four species of Ormosia were alleviated, while RWC, SOD activity, SP content, CHL content, Pn, Gs and Tr showed an upward trend, REC and MDA content showed a downward trend, with the most significant changes in indicators in the SD group. REC, Pn, Gs and Tr were selected as the key index for drought tolerance evaluation of four species of Ormosia by principal component analysis, and the drought tolerance of four species of Ormosia was comprehensively evaluated by membership function analysis. The order from strong to weak was: O. hosiei, O. henryi, O. xylocarpa, O. semiastrata. The research results could provide theoretical basis for the protection, drought resistance breeding and cultivation application of Ormosia.