This study investigated whether the exogenous application of yeast (Saccharomyces cerevisiae) could alleviate the adverse effects of drought on rice (Shanyou 63). Yeast was sprayed on leaves at 10 9 colony-forming units (cfu) ml 21 after drought every week. The drought period lasted 120 days. Under well-watered conditions, application of yeast significantly reduced net photosynthetic rate (A) and transpiration rate (E), together with a reduction in stomatal conductance (g s ) compared with the controls, and yeast did not inhibit plant growth. Under drought conditions, application of yeast increased E, but had no effect on A on days 30, 44, 58 and 72 compared with the drought without yeast. Under drought conditions, yeast application increased the seed set rate, 1000-grain weight, grain yield, harvest index and grain: straw compared with the drought without yeast. Yeast did not have a significantly promotive effect on WUE leaf (A/E) under either well-watered or drought conditions. Irrigation water use efficiency (IWUE) values were significantly influenced by yeast. The greatest IWUE was observed in yeast treatment under drought conditions (3.1 mg g 21 ). This study indicated that yeast can alleviate the negative effects of drought stress by improving some photosynthetic attributes and yield in rice.