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The gas exchange characteristics of peanut and early rice leaves were investigated in experimental plots under different soil water conditions over a long growth period. The results showed that at the branching stage of peanut, the stomatal conductance (Gs) and transpiration rate (Tr) decreased slightly under mild and moderate soil water stress, while the net photosynthetic rate (Pn) and leaf water use efficiency (WUE) increased. The Gs/Tr ratio also increased under mild water stress, but decreased under moderate water stress. At podding stage, the Gs, Tr, Gs/Tr ratio and Pn decreased, while WUE increased significantly under mild and moderate water stress. The peanut was suffered from water stress at its pod setting stage. At the grain filling stage of early rice, the Gs, Tr and Gs/Tr ratio fluctuated insignificantly under mild and moderate water stress, while Pn and WUE increased significantly, with an increase in grain yield under mild water stress. It's suggested that the combination of Gs and Gs/Tr ratio could be a reference index for crop water stress, namely, crops could be hazarded by water stress when Gs and Gs/Tr decreased synchronously.