The purpose of this work is to explore the water content, distribution and stage changes of honey during ultrasound enhanced vacuum drying process. Ultrasound enhanced vacuum drying of honey was carried out at ultrasonic energy density levels of 0, 0.4, 0.8, 1.2, 1.6 W/g, respectively, and the drying kinetics model was established. The transverse relaxation time T2 inversion spectra of honey at different ultrasonic energy densities during drying process were measured and the changing characteristics of internal moisture state were analyzed by using the low-field nuclear magnetic resonance (LF-NMR). The results showed that the process of honey during ultrasound enhanced vacuum drying could mainly be divided into two periods, namely accelerating rate period and falling rate period. The range of effective moisture diffusion coefficient (Deff) was from 0.7879 × 10−7 to 2.1850 × 10−7 m2/s and the Deff values increased with the rise of ultrasonic energy density. According to the nonlinear fitting based on 9 dynamic models, two-term exponential model was determined by the optimal model, and the values of R2, χ2 and RMSE were 0.9991, 0.001 and 0.0091, respectively. The LF-NMR results showed that immobilized water was the main moisture in honey, which was 96.47%. As the drying proceeded, the relaxation time of immobilized water (T22) and free water (T23) decreased, which indicated that their mobility reduced gradually. The relaxation time of bound water (T21) showed little changes. The amplitude of immobilized water (A22) and free water (A23) decreased significantly at the initial stage of drying, and the amplitude of bound water (A21) decreased significantly at the last stage. Magnetic resonance imaging results revealed that the moisture distribution in honey was uneven and the brightness of images started to darken with the increase of drying time. Therefore, the results of this work demonstrate that NMR is a promising method to measure and quantify residual water content, water distribution and state of water of honey in real time during the drying process.