A drought index is one of the main methods used for measuring drought and represents the basis of drought monitoring, early warning, and classification. On the basis of an analysis of the advantages and limitations of the Standardized Precipitation Evapotranspiration Index (SPEI), the Standardized Precipitation Crop Evapotranspiration Index (SPCEI), which is a drought index of rainfed agriculture, was constructed in this study. The applicable conditions of the SPCEI were then investigated, and the results showed that the SPCEI was suitable for dryland crops under non‐irrigated conditions in arid and semi‐arid areas. The difference between the SPEI and SPCEI is analysed. Compared with the SPEI, the SPCEI considers crop evapotranspiration and the crop growth stage and was found to be more suitable for monitoring agricultural drought. Qigihar, which is located in a semi‐arid area in western Heilongjiang Province, China, was then analysed as an example. The characteristics of the spatial and temporal variability of regional agricultural drought were analysed based on maize and soybean in dryland areas. The results for the different growth stages of maize and soybean showed that drought intensity is more serious in the initial stage in the middle part. In crop development, mid‐season and late season stage, the drought conditions gradually increased from north to south. The drought degree of the two crops at the initial stage gradually increased, and the drought degree at the crop development stage gradually decreased. The main reason is that precipitation gradually increases during the crop development stage.