The photosynthetic rate, light saturation point, light compensation point, changes in the MDA and SOD activities, and protein expression of two different drought-resistance species, Spiraea fritschiana and Spiraea trichocarpa, were assessed in this study. Furthermore, the drought-resistant physiological mechanisms of both species were analyzed at the protein level. The photosynthetic capacities of two Spiraea species decreased under drought stress, and the light saturation point and light compensation point decreased. However, their capacities to use weak light increased. Spiraea fritschiana, which demonstrated a stronger drought resistance, showed a better ability to adapt to weak light than S. trichocarpa. The content of MDA in S. fritschiana was notably lower than that in S. trichocarpa, indicating that the concentration of the membrane peroxidation products of S. fritschiana was less than those of S. trichocarpa. Compared with S. trichocarpa, S. fritschiana’s SOD activity was higher, and its ability to remove ROS was also better. Sixty-six proteins were identified with significantly different expression behavior and included regulatory, redox homeostasis, metabolism and energy, and cytoskeleton proteins. The results showed that the photosynthesis of S. trichocarpa was significantly affected by the drought stress. Enzymes in photosynthesis changed significantly; the expression of the RuBisCo large subunit decreased; and RuBisCo carboxylase, the chlorophyll a–b binding protein, ATP synthase, OEC 33 kD photosystem II protein and 23 kD OEC protein greatly increased. In addition, four antioxidant enzymes greatly increased, GroES chaperonin decreased, and eIF5A significantly increased under light stress. When S. fritschiana Schneid encountered serious drought stress, in addition to those enzymes that changed significantly under light drought stress in S. trichocarpa Nakai, NAD(P)H-quinone oxidoreductase and eIF5A were up-regulated. Specifically, three heat-shock proteins were induced. The expression of the enzymes of the two Spiraea that were related to photosynthesis, oxidation–reduction and regulation were all affected, but their species and expression patterns were different. In S. trichocarpa Nakai and S. fritschiana Schneid, there were significant changes in the proteins related to energy metabolism and the proteins related to energy transport, respectively. Thus, we considered that, in the case of protein involvement, the differences in the metabolic pathways and adjustment levels might contribute to S. trichocarpa having a weaker drought tolerance than S. fritschiana.