Dry matter allocation and translocation is the base of the formation of appearance quality of ornamental plants, and strongly affected by water supply. Taking cut lily cultivar 'Sorbonne' as test material, a culture experiment of different planting dates and water supply levels was conducted in a multi-span greenhouse in Nanjing from March 2009 to January 2010 to quantitatively analyze the seasonal changes of the dry matter allocation and translocation in 'Sorbonne' plants and the effects of substrate water potential on the dry matter allocation indices for different organs (flower, stem, leaf, bulb, and root), aimed to define the critical substrate water potential for the normal growth of the cultivar, and establish a simulation model for predicting the dry matter allocation in cut lily plants under effects of substrate water potential. The model established in this study gave a good prediction on the dry mass of plant organs, with the coefficient of determination and the relative root mean square error between the simulated and measured values of the cultivar' s flower dry mass, stem dry mass, leaf dry mass, bulb dry mass, and root dry mass being 0.96 and 19.2%, 0.95 and 12.4%, 0.86 and 19.4%, 0.95 and 12.2%, and 0.85 and 31.7%, respectively. The critical water potential for the water management of cut lily could be -15 kPa.