To supply a theoretical basis for management an d water-saving irrigation of Phyllostachys edulis (Moso bamboo) in consideration of climate change, a covering film to simulate a drought environment was employed to study physiological responses of 1-year-old Moso bamboo to water storage in their stumps. An experiment with three different irrigation treatments, ck(0 stumps with water storage), T_1(12 stumps with water storage), and T_2(18 stumps with water storage) was established to determine the effect on four variables: leaf photosynthetic rate, photosynthetic pigment, membrane lipid peroxidation, and the antioxidant system. Results for tested physiological parameters during the initial 30 d period showed no significant differences between ck and T_1(P>0.05); however, in treatment T_1 there was a significant decrease (P<0.05) in malondialdehyde (MDA) content and superoxide dismutase (SOD) activity. With an increase in time of the simulated drought environment, the effects on the four variables gradually appeared. After 90 d, except for carotenoid content, the test physiological indicators of ck had changed significantly (P<0.05), and compared to ck, changes for T_2 > T_1 for the four variables. In the initial 30 d, leaf chlorophyll a, relative conductivity, and catalase (CAT) activity were not significantly different (P>0.05); but after 90 d, all the test physiological parameters had significantly changed (P<0.05). Also, net photosynthetic rate, transpiration rate, and leaf photosynthetic pigment content of Moso bamboo had a positive relationship with the amount of water storage in their stumps; whereas, MDA content, relative conductivity, SOD, CAT, and peroxidase (POD) activity had a negative relationship. This study showed that increased water storage in stumps could improve photosynthesis and transpiration, antioxidant capacity, and growth conditions of Moso bamboo in a drought environment.