Based on the drought disaster data of the Heng-Shao drought corridor from 1961 to 2018, the meteorological drought composite index (MCI) was used to study the drought monitoring and evaluation methods of the Heng-Shao drought corridor. The results are as follows: (1) During the peak period of crop water demand (from June to October), the drought events with weighted mean of regional MCI (DI) less than or equal to -0.5 and the process duration greater than or equal to 16 days were included in the statistics, and the three elements such as the extreme intensity, cumulative intensity and duration of DI index were the best factors for annual regional drought assessment. Furthermore, based on the three elements of DI index, the annual assessment index of regional drought (MCI_e) calculated by using the TOPSIS method was the best. (2) Based on the MCI_e index, the combined grading method of average value and standard deviation was used to obtain the threshold of regional drought degree for normal, drought, severe drought, and extreme drought years. It was found that the MCI_e index had a strong ability to assess extreme drought years and normal years in the Heng-Shao district, and had good assessment ability for 2019 and 2020. Furthermore, the extreme disaster year in 2013 was simulated, it was found that the MCI_e index could better capture the change of drought in the Heng-Shao drought corridor. Therefore, the MCI_e index could support the rapid assessment and early warning of drought in the Heng-Shao drought corridor to some extent.