As an important bioactive molecule, nitric oxide (NO) can effectively alleviate the effects of drought stress on crops. However, it is still unclear whether it can increase the stress resistance of soybean. Therefore, in this study, our objective was to explore the effect of exogenous NO application on the physiological characteristics of soybean seedlings under drought stress. As test material, two soybean varieties, HN65 and HN44, were used, while sodium nitroprusside (SNP) of 100 μmol L−1, 200 μmol L−1, 500 μmol L−1, 1000 μmol L−1served as an exogenous NO donor, and PEG-6000 as an osmotic regulator to simulate drought stress. The effects of irrigation with different SNP concentrations for different days on the physiological characteristics of the soybean seedlings under drought conditions were then investigated. The results obtained showed that the activities of antioxidant enzymes, osmotic regulator contents, as well as the abscisic acid and salicylic acid contents of the plant leaves increased with increasing SNP concentration and treatment time. However, we observed that excessively high SNP concentrations decreased the activities of key nitrogen metabolism enzymes significantly. This study provides a theoretical basis for determining a suitable exogenous NO concentration and application duration. It also highlights strategies for exploring the mechanism by which exogenous NO regulates crop drought resistance.