As drought indices are generally calculated based on multi-year historical data spanning periods of at least 30 years, different drought index values at certain times are therefore calculated due to different record lengths, making it difficult to accurately define dry or wet periods in a studied region or station. This investigation assessed the sensitivity and applicability of precipitation-based and precipitation-evapotranspiration-based drought indices, such as the Generalized extreme value drought index (GEVI), Homogeneity index of precipitation and temperature (HI), the K index (K), Precipitation anomaly percentage (Pa), Standardized precipitation evapotranspiration index (SPEI), Standardized precipitation index (SPI), and the China Z index (CZI), to different record lengths on monthly, seasonal and annual time scales. By using monthly, seasonal and annual precipitation and evapotranspiration data from a research station over the period 1961–2017, data over periods of 55, 50, 45, 40, 35 and 30 years were extracted. Analysis of correlation coefficient of all indices, match and non-match, and actual drought and no-drought recognition rate of the indices indicated that K, Pa and SPEI indices recorded better time stability compared to other indices at all time scales across different climatic zones in the study region; the GEVI index recorded the lowest time stability compared to other indices. Results also indicated that the majority of optimal lengths for all stations having the lowest non-match were 41–45 years, with some indices at different time scales being 36–40 years and 46–50 years. In addition, the HI index had the highest actual drought and no-drought recognition rate at almost all climate zones, followed by Pa and SPEI indices. Results from this study indicate that more priority should be given to precipitation-evapotranspiration-based indices when studying a large region; indices with concrete results should be selected when analyzing relatively small regions.