Soybean is considered as an important legume because of its high content of protein and oil. However, it is sensitive to drought stress that was increasingly recorded recently. Plants respond to drought by several changes on the physiological and molecular levels and by endogenously changing the concentrations of certain substances, sauch as reactive oxygen species (ROS). An experiment was conducted in 2018 and 2019 to investigate the effects of drought stress and the possible effects of exogenously sprayed hydrogen peroxide (H2O2) at R1 stage on two soybean cultivars. Significant decreases in all studied traits were recorded as a result of drought stress. Noticeable enhancements in stomatal conductance, relative chlorophyll content, relative water content, leaf area index, plant height and the final seed yield of both cultivars when treated with H2O2 were also recorded. It could be concluded that H2O2 spraying can be a good strategy to alleviate presumable negative influence of drought.