Based on the existing historical documents and other literatures about drought and flood on 11 stations in the region of Poyang lake basin from 1470 to 2104,drought-flood index series of 11 stations and Poyang lake basin constructed by drought and flood rank method and area weighting method. Using the modern precipitation anomaly sequence and the drought and flood grade to build a regression model,the series of 1470-2014 annual precipitation in 11 sites and Poyang Lake Basin reconstructed quantitatively. The reliability test shows that the correlation coefficient between the precipitation series and the measured precipitation of the Nanchang station is 0.606 at the significance level of alpha = 0.01. The spatial analysis of the trend of precipitation shows that the linear tendency of Ganzhou,Poyang and Xingzi is negative and the precipitation is decreasing during 1470-2014,and the linear tendency of the other stations is positive and the precipitation is increasing. The results of the stage and abrupt test show that the precipitation in the Poyang Lake Basin occurred in 1630 and at the period from 1870 to 1880,which were transitional stages of flood and drought. The results of Circular spectral analysis and Monte Carlo power spectrum analysis show that the precipitation in the Poyang Lake basin from 1470 to 2014 has a high frequency fluctuation cycle of 2-4 years and 5-7 years; 17-22 years of intermediate frequency fluctuation cycle; and 80 years,120-160 years,more than 250 years of low frequency fluctuation cycle. It found that the reconstructed precipitation could provide the basic data and model boundary for the development of climate model in the future.