Hydrological time series usually in time domain have multiple time scales structures and localization features. In this paper, the wavelet multiple time scales analysis method was used to analyze annual runoff time series from 1882 to 2006 of Yichang Hydrological Station. Research results show that the annual runoff time series of Yichang Hydrological Station has obvious annual change features, and mainly has change cycles of 30-40 yr, 10-20 yr and below 10 yr. The first change cycle is 14 yr, the second cycle is 7 yr. Runoff trend analysis shows that the annual runoff will be in a relative dry period in about 3 years since 2006, and then, a relative wet period.