The winter wheat PVC estimation models based on canopy spectral characteristic parameters were established in different growth periods. The results showed that the winter wheat canopy hyperspectral reflectance in the visible light decreased from reviving to heading stages, then increased from heading to maturing stages, while in the near infrared band, it increased from reviving to heading stages, decreased from heading to maturing stages. Under different crop densities, hyperspectral reflectance of winter wheat canopy with suitable for water supply in the visible light was less than that of slight water deficit and severely water deficit in order, but in the near infrared band, it had opposite conditions. There were good relationships between winter wheat PVC and the spectral characteristic parameters of traditional and new spectral characteristic parameters in different growth periods. Compared with the models of winter wheat PVC which used the parameters of traditional spectrum characteristic as the independent variables, the models based on the kurtosis of green peak can improve the estimation accuracy of winter wheat PVC.