Dryness and wetness variations on different time scales in Shanghai were analyzed using the Standardized Precipitation Index (SPI) based on monthly precipitation data for 1873–2005. The SPI on scales of 3, 6, 12 and 24 months has been calculated. The SPI on 3, 6, 12 and 24 months present 4 wet periods prevailed during 1873–1885, 1904–1923, 1938–1960 and 1983–2005, and 3 dry episodes during 1886–1903, 1924–1937 and 1961–1982. Significant periods of higher wavelet power in the SPI-24 months occurred on the time scales of 2–7-year band in around 1880–1890, 1910–1950 and 1970–1990, and at 8–15-year band in 1920–1960 and 1965–2000 respectively. Periodicities in the SOI and ENSO indices are similar to those in SPI-24 months with little difference, namely, in the SPI-24 months, there are significant periods at the 2–7- and 8–15-year bands during 1930–1940. The periodicity components in individual SPI-24 months, SOI and ENSO indices are more complicated, showing the wetness and dryness variability in Shanghai is controlled by more than one physical factors. The research results indicate that the Shanghai area has experienced dryness and wetness variability on different time scales during the past 133 years.