Based on China' s inter-provincial panel data,the paper evaluates the agricultural drought and flood resisting effect of the newly increased water conservancy investment and various types of water conservancy facilities at national and regional levels. Research results show that the newly increased water conservancy investment can effectively reduce drought and flood disaster rate. However,the drought resisting effect of water conservancy investment is better than flood resisting effect. Reservoirs can effectively reduce drought disaster rate,but increase the rate of the flood disaster. And th...