Drought was a chronic, natural disaster, and Remote sensing drought monitoring had become a potential research field. In the present, short-wave infrared and red bands which sensitive to moisture variation were selected to monitor farmland drought conditions by analyzing the spectral characteristics of vegetation and soil. The goal of this paper was to provide a new method of drought monitoring--normalized drought monitoring index (NPDI), based on new constructed spectrum feature space by the difference of SWIR and Red and the sum of SWIR and Red. Field surveyed soil moisture verified NPDI model, and the result showed that NDPI and MPDI model could effectively monitor agricultural drought, and that had high correlation with soil moisture. The R2 was 0.583 and 0.438 with soil water of 10 cm. The monitoring effect of NPDI model was better than the MPDL. This model was further improvement to PDI and MPDI, and it could monitor the drought condition of different vegetation coverage and whole growing season. It has high application potential and popularization value.