Drought stress strongly restricts the growth, development, and yield of wheat worldwide. Among the various transcription factors (TFs) involved in the wheat drought response, the specific functions of many basic leucine zipper (bZIP) TFs related to drought tolerance are still not well understood. In this study, we focused on the bZIP TF TabZIP156 in wheat. Our analysis showed that TabZIP156 was highly expressed in both roots and leaves, and it responded to drought and abscisic acid (ABA) stress. Through subcellular localization and transactivation assays, we confirmed that TabZIP156 was located to the nucleus and functioned as a transcriptional activator. Overexpression of TabZIP156 in Arabidopsis enhanced drought tolerance, as evidenced by higher germination rate, longer root length, lower water loss rate, reduced ion leakage, increased proline accumulation, decreased levels of H2O2, O2− and MDA, and improved activities of POD, SOD, and CAT enzymes. Additionally, the expression of drought- and antioxidant-related genes were significantly upregulated in TabZIP156 transgenic Arabidopsis under drought stress. However, silencing TabZIP156 in wheat led to decreased proline content, increased accumulation of H2O2, O2− and MDA, reduced activities of antioxidant enzymes, and downregulation of many drought- and antioxidant-related genes under drought stress. Furthermore, the dual-luciferase assay demonstrated that TabZIP156 could activate the expression of TaP5CS, TaDREB1A, and TaPOD by binding to their promoters. Taken together, this study highlights the significant role of TabZIP156 in drought stress and provides valuable insights for its potential application in breeding drought-resistant wheat.