Data support for wetland protection function evaluation can be provided by quantitatively analyzing the ability of regulating the regional climate of the wetland ecosystem. In this study, the cold-humid effect of the Baiyangdian wetland was analyzed by comparing the meteorological conditions of the Baiyangdian wetland and its surrounding areas. Meanwhile, the regulatory functions of the Baiyangdian wetland for the processes and magnitudes of temperature and relative humidity from August to October 2008 were evaluated. The results show that daily mean temperatures in the Baiyangdian wetland were lower than in the surrounding areas, and that temperature differences mainly occurred in the daytime but were not obvious at night. Diurnal temperature ranges in the Baiyangdian wetland were lower than in the surrounding areas, and the higher the diurnal temperature range in the surrounding areas was, the stronger the regulation ability of the Baiyangdian wetland. Compared with the surrounding areas, the decline of the daily minimum temperature in the Baiyangdian wetland was gentler, and the mean relative humidity there was higher. The present findings indicate that effects of the Baiyangdian wetland on climate and humidity regulation are significant.