A wheat stay-green mutant, tasg1, was previously generated via mutation breeding of HS2, a common wheat cultivar (Triticum aestivum L.). Compared with wild-type (WT) plants, tasg1 exhibited delayed senescence indicated by the slower degradation of chlorophyll. In this study, the stability of proteins in thylakoid membranes was evaluated in tasg1 under drought stress compared with WT plants in the field as well as in seedlings in the laboratory. Drought stress was imposed by controlling irrigation and sheltering the plants from rain in the field, and by polyethylene glycol (PEG)-6000 in the laboratory. The results indicated that tasg1 plants could maintain higher Hill activity, actual efficiency (ΦPSII), maximal photochemical efficiency of PSII (Fv/Fm), and Ca(2+)-ATPase and Mg(2+)-ATPase activities than the WT plants under drought stress. Furthermore, the abundance of some polypeptides in thylakoid membranes of tasg1 was greater than that in the WT under drought stress. Expression levels of TaLhcb4 and TaLhcb6 were higher in tasg1 compared with the WT. Under drought stress, the accumulation of superoxide radical (O2·(-)) and hydrogen peroxide (H2O2) was lower in tasg1 compared with the WT not only at the senescence stage but also at the seedling stages. These results suggest greater functional stability of thylakoid membrane proteins in tasg1 compared with the WT, and the higher antioxidant competence of tasg1 may play an important role in the enhanced drought tolerance of tasg1.