The El Niño Southe58rn Oscillation (ENSO) is a typical oscillation affecting climate change, and its stable periodicity, long-lasting effect, and predictable characteristics have become important indicators for regional climate prediction. In this study, we analyze the Standardized Precipitation Evapotranspiration Index (SPEI), the Niño3.4 index, the Southern Oscillation Index (SOI), and the Multivariate ENSO Index (MEI). Additionally, we explore the spatial and temporal distribution of the correlation coefficients between ENSO and SPEI and the time lag between ENSO events of varying intensities and droughts. The results reveal that the use of Nino3.4, MEI, and SOI produces differences in the occurrence time, end time, and intensity of ENSO events. Nino3.4 and MEI produce similar results for identifying ENSO events, and the Nino3.4 index accurately identifies and describes ENSO events with higher reliability. In China, the drought-sensitive areas vulnerable to ENSO events include southern China, the Jiangnan region, the middle and lower reaches of the Yangtze River, and the arid and semi-arid areas of northwestern China. Droughts in these areas correlate significantly with meteorological drought, and time-series correlations between ENSO events and droughts are significantly stronger in regions close to the ocean. Drought occurrence lags ENSO events: when using the Niño3.4 index to identify ENSO, droughts lag the strongest and weakest El Niño events by 0–12 months. However, when using the MEI as a criterion for ENSO, droughts lag the strongest and weakest El Niño events by 0–7 months. The time lag between the strongest ENSO event and drought is shorter than that for the weakest ENSO event, and droughts have a wider impact. The results of this study can provide a climate-change-compatible basis for drought monitoring and prediction.