To achieve wide-speed range and multi-mission flight capabilities, variable-geometry aerodynamic configuration design is essential for aerospace vehicles. This study investigates the aerodynamic characteristics of the morphing process for winged reentry vehicles. Two aerodynamic configuration morphing schemes were designed: wing folding and variable sweep angle. Subsequently, numerical simulations of the aerodynamic characteristics under the morphing process were conducted using a dynamic overset grid method based on unsteady Navier-Stokes equations. The effects of wing folding angle and sweep angle variations on aerodynamic parameters such as lift coefficient, drag coefficient, and moment coefficient were analyzed. The results demonstrate that adjusting the wing folding angle and sweep angle can effectively modify the vehicle’s aerodynamic characteristics, enabling a wider flight envelope and enhanced mission adaptability. Furthermore, it was found that the wing folding approach exhibits higher aerodynamic efficiency compared to the variable sweep angle method. This research provides valuable insights for the morphing design of winged reentry vehicles.