Autoclaved aerated concrete wallboard (AACW) has been widely used as a building envelope component in the infill walls of frame structures, which has broad prospects for development and utilization. However, the cracking of AACW has become a pressing problem, and this problem needs be solved or relieved effectively. We need an effective control method to reduce the cracking problem of AACW. It is necessary to study the interrelationship between the moisture content and the dry shrinkage of AACW. In this paper, a moisture content test and a drying shrinkage test of AACW were conducted, to understand the effect of the moisture content on the drying shrinkage performance of AACW. In addition, the moisture content of AACW with time was explored, and changes in the dry shrinkage value of AACW with the moisture content of AACW were obtained. According to the results and the conditions and the hypothesis of the test, the drying shrinkage value of AACW increases with time, and the drying shrinkage speed was fast in the early stage and tended to be stable in the later stage. In AACW, the drying shrinkage value and the relative humidity have a notable negative correlation. In addition, there was a positive correlation between the drying shrinkage value and the initial moisture content and the ambient temperature. When the AACW lost water from its initial moisture content to the equilibrium moisture content, the accumulated dry shrinkage value of AACW increased with the water loss. Moreover, a time-varying model of the moisture content and a prediction model of the equilibrium moisture content of AACW were established, and time-varying models of the drying shrinkage value of AACW with different initial moisture contents were proposed. The results provide a scientific basis for the reasonable maintenance and profitable control of drying shrinkage cracking of AACW. [ABSTRACT FROM AUTHOR]