Abstract: The degree of regional water resources shortage was chosen as the focus of the research, and water shortage index measurement model was constructed based on matter-element theory and correlation function, and its measurement index system was set up including regional water resource endowment, supply and demand, utilization and social status. Moreover, the water shortage indexes in Guangdong Province were measured from the perspectives of vertical sequence, transverse section and future trend. Results show that the water shortage indexes had a good development trend, going from "poor" to "medium" and then to "good" from 2004 to 2015, but they were all lower than the "safe" state, and still have much room for improvement. In addition, the water shortage indexes in 21 provinces have formed the state of "three big gradients", and the majority of the provinces belong to the "medium" and "good" state and the water shortage indexes have an obvious "urban linkage effect". However, the trend of index change would be discrete. In the future, the water shortage index is likely to remain stable, but some important measures should be taken to improve water resources management, such as strengthening the control of population growth and density, paying more attention to urban water regulation, improving the level of water quality monitoring, et al.