In recent years, severe hailstorms have caused damage to cotton leaves and stalks. In order to identify the effects of cotton leaf damage on its dry matter accumulation, protective enzyme activity and yield in different periods, in this experiment, different intensities of hail were simulated by manual leaf cutting. In this study, the effects of leaf damage on dry matter accumulation, chlorophyll fluorescence, POD (peroxidase), SOD (superoxide dismutase) and MDA levels (malondialdehyde), and yield of cotton were studied in field experiments at three stages (bud, full bud and flower boll stages) and in sub-plots with different artificial defoliation intensities (0%, 25%, 50%, 75% and 100%). Removing the leaf sources had differently sized effects on the “sink” at each stage, and these are ordered as follows: flowering and boll stage > full bud stage > pregnancy stage. The greater the intensity of leaf removal, the greater the impact on the “sink”. Among them, after removing 50% of the leaves at the full bud stage, the total dry matter of the cotton plant increased by 12.46% compared to that of the control, and the boll formation rate per plant increased by 14.99%, resulting in overcompensation. Mo, Vj and φDo all showed a tendency to decrease and then increase with the increase in defoliation intensity at different periods of the treatment, and the lowest values of Mo, Vj and φDo, and the largest values of φpo, ψo and φEo were found in the 50% defoliation treatment at the gestational bud stage. The values of ψo and φEo were at the maximum in the 25% defoliation treatment at the full bud stage. The values of Mo and Vj in the different defoliation treatments at the bolling stage showed a tendency to increase and then decrease with the increase in defoliation intensity, with the highest values in the 25% treatment and the smallest values of φpo, ψo and φEo in the 25% defoliation treatment. The POD enzyme activity level was elevated in the defoliation treatments at the three different periods, and the highest value was observed in the 50% defoliation group at the full bud and boll stages, which is a reflection of supercompensation. The SOD enzyme activity level tended to increase with the intensity of defoliation, and defoliation at the gestational and full bud stages first enhanced and then weakened the stress on the cotton plants. The differences between treatments decreased after 12 weeks. The stress of defoliation on cotton plants was weakened at the boll stage. With the increase in defoliation intensity, the content of MDA showed a gradual increasing trend. The cotton MDA content was higher than that of the other treatments at 75% defoliation at both the post-fertilized bud and full bud stage.