Studying the response of winter wheat to post-drought rehydration is conducive to understanding the efficient utilization of water-saving technology, such as regulating deficit irrigation and increasing water use efficiency. The controlled condition experiment in the rain shelter was conducted in 2020. The two water stress treatments, including post-drought rehydration at the jointing and heading stages, were combined with high nitrogen (N) (250 kg/hm²), low N (125 kg/hm²), and no N (0 kg/hm², control). The effects of post-drought rehydration on the relative chlorophyll content (SPAD), major fluorescence parameters, and photosynthetic indexes of winter wheat were determined. The results showed that post-drought rehydration increased the SPAD value, the efficiency of light energy conversion, maximum potential photo-electron transport, and the photosynthetic indices and decreased the photochemical quenching coefficient. Among them, the compensatory effect of rehydration at the heading stage on SPAD, fluorescence parameters, and photosynthetic indexes was more significant (p < 0.05), and the winter wheat needed a recovery process after rehydration. Increased application of N fertilizer can alleviate the effects of water stress on the fluorescence parameters and photosynthetic properties of flag leaf and promote the degree of the response of fluorescence parameters and photosynthetic properties to rehydration. The specific effects were as follows: high N > low N > no N application. As a result, winter wheat had a certain compensatory effect of rehydration after timely drought stress; the compensatory effect of rehydration could be enhanced under the condition of increasing N application.