Drought and flood are the most representative extreme hydrological event, which arouse more and more people's concern under the background of global change. In this paper, using traditional meteorological drought index-standardized precipitation index (SPI) and wavelet analysis, inverse distance weighting interpolation method and regression analysis to analyze the distribution of droughts and flood and key controlling factors in the Tarim River basin in recent 300 years. It is found that the drought and flood events have significantly increased in recent 300 years; flood events are more serious than drought events; frequently occur and cluster together in Kashgar, Aksu and other place; drought and flood have taken place alternately from west to east of the Tarim River in nearly 60 years; there was 15-year periodicity of disasters in the Tarim River basin; in the study area humidification will strengthen in the further 5-10 years; PNA impacting the fall and winter's SPI values are more significant; finally, droughts and floods have more serious impact on the industry of agriculture and animal husbandry, especially the flood disaster.