Increasing drought is one major consequence of ongoing global climate change and is expected to cause significant changes in vegetation phenology, especially for naturally vulnerable ecosystems such as grassland. However, the linkage between the response characteristic of green-up date (GUD) to drought and background climate remains largely unknown. Here, we focused on how the GUD of Mongolian grassland responds to extreme drought events (EDE). We first extracted the GUD from the MODIS Enhanced Vegetation Index data during 2001–2020 and identified the preseason EDE using the standardized precipitation evapotranspiration index data. Subsequently, we quantified the response of GUD to preseason EDE (DGUD) in each pixel as the difference in GUD between drought and normal years. The effect of 12 factors on DGUD was analyzed using the random forest algorithm. The results showed that the GUD under EDE may delay or advance by > 20 days compared to normal years. For the regions with mean annual temperature > −2 °C, the GUD was delayed under EDE due to the dominant role of water restriction on GUD, while the GUD was advanced under EDE in colder areas due to the warmer temperature during drought. However, the magnitude of delay in GUD under drought was greater in regions with less precipitation and more severe droughts. Our results could help to develop appropriate management strategies to mitigate the impacts of drought on grasslands.