编辑：修复闪烁的光标

import java.awt.*;
import java.awt.datatransfer.*;
import java.awt.dnd.*;
import java.awt.event.*;
import java.io.*;
import java.util.*;
import javax.activation.*;
import javax.swing.*;
import javax.swing.text.*;
 
public class DragTest3 {
  public JComponent makeUI() {
    DragPanel p1 = new DragPanel();
    p1.setBorder(BorderFactory.createLineBorder(Color.BLACK));
    p1.add(new JLabel(UIManager.getIcon("OptionPane.warningIcon")));
    p1.add(new JLabel(UIManager.getIcon("OptionPane.errorIcon")));
    p1.add(new JLabel("Label1"));
    p1.add(new JLabel("Label2"));
    MouseListener handler = new Handler();
    p1.addMouseListener(handler);
    LabelTransferHandler th = new LabelTransferHandler();
    p1.setTransferHandler(th);
    JPanel p = new JPanel(new GridLayout(1,2));
    p.add(p1);
 
    DragPanel p2 = new DragPanel();
    p2.setBorder(BorderFactory.createLineBorder(Color.BLACK));
    p2.addMouseListener(handler);
    p2.setTransferHandler(th);
    p.add(p2);
 
    JPanel panel = new JPanel(new GridLayout(2,1));
    panel.add(p);
    panel.add(new JScrollPane(new JTextArea()));
    return panel;
  }
  public static void main(String[] args) {
    EventQueue.invokeLater(new Runnable() {
      @Override public void run() {
        createAndShowGUI();
      }
    });
  }
  public static void createAndShowGUI() {
    JFrame f = new JFrame();
    f.setDefaultCloSEOperation(WindowConstants.EXIT_ON_CLOSE);
    f.getContentPane().add(new DragTest3().makeUI());
    f.setSize(320,240);
    f.setLocationRelativeTo(null);
    f.setVisible(true);
  }
}
class DragPanel extends JPanel {
  public DragPanel() {
    super();
  }
  public JLabel draggingLabel;
}
class Handler extends MouseAdapter {
  @Override public void mousePressed(MouseEvent e) {
    DragPanel p = (DragPanel)e.getSource();
    Component c = SwingUtilities.getDeepestComponentAt(p,e.getX(),e.getY());
    if(c!=null && c instanceof JLabel) {
      p.draggingLabel = (JLabel)c;
      p.getTransferHandler().exportAsDrag(p,TransferHandler.MOVE);
    }
  }
}
class LabelTransferHandler extends TransferHandler {
  private final DataFlavor localObjectFlavor;
  private final JLabel label = new JLabel() {
    @Override public boolean contains(int x,int y) {
      return false;
    }
  };
  private final JWindow window = new JWindow();
  public LabelTransferHandler() {
    System.out.println("LabelTransferHandler");
    localObjectFlavor = new ActivationDataFlavor(
      DragPanel.class,DataFlavor.javaJVMLocalObjectMimeType,"JLabel");
    window.add(label);
    window.setAlwaysOnTop(true);
    window.setBackground(new Color(0,true));
    DragSource.getDefaultDragSource().addDragSourceMotionListener(
    new DragSourceMotionListener() {
      @Override public void dragMouseMoved(DragSourceDragEvent dsde) {
        Point pt = dsde.getLocation();
        pt.translate(5,5); // offset
        window.setLocation(pt);
      }
    });
  }
  @Override protected Transferable createTransferable(JComponent c) {
    System.out.println("createTransferable");
    DragPanel p = (DragPanel)c;
    JLabel l = p.draggingLabel;
    String text = l.getText();
    //TEST
    //if(text==null) {
    //    text = l.getIcon().toString();
    //}
    //return new StringSelection(text+"\n");
    final DataHandler dh = new DataHandler(c,localObjectFlavor.getMimeType());
    if(text==null) return dh;
    final StringSelection ss = new StringSelection(text+"\n");
    return new Transferable() {
      @Override public DataFlavor[] getTransferDataFlavors() {
        ArrayList<DataFlavor> list = new ArrayList<>();
        for(DataFlavor f:ss.getTransferDataFlavors()) {
          list.add(f);
        }
        for(DataFlavor f:dh.getTransferDataFlavors()) {
          list.add(f);
        }
        return list.toArray(dh.getTransferDataFlavors());
      }
      public boolean isDataFlavorSupported(DataFlavor flavor) {
        for (DataFlavor f: getTransferDataFlavors()) {
          if (flavor.equals(f)) {
            return true;
          }
        }
        return false;
      }
      public Object getTransferData(DataFlavor flavor) throws UnsupportedFlavorException,IOException {
        if(flavor.equals(localObjectFlavor)) {
          return dh.getTransferData(flavor);
        } else {
          return ss.getTransferData(flavor);
        }
      }
    };
  }
  @Override public boolean canImport(TransferSupport support) {
    if(!support.isDrop()) {
      return false;
    }
    return true;
  }
  @Override public int getSourceActions(JComponent c) {
    System.out.println("getSourceActions");
    DragPanel p = (DragPanel)c;
    label.setIcon(p.draggingLabel.getIcon());
    label.setText(p.draggingLabel.getText());
    window.pack();
    Point pt = p.draggingLabel.getLocation();
    SwingUtilities.convertPointToScreen(pt,p);
    window.setLocation(pt);
    window.setVisible(true);
    return MOVE;
  }
  @Override public boolean importData(TransferSupport support) {
    System.out.println("importData");
    if(!canImport(support)) return false;
    DragPanel target = (DragPanel)support.getComponent();
    try {
      DragPanel src = (DragPanel)support.getTransferable().getTransferData(localObjectFlavor);
      JLabel l = new JLabel();
      l.setIcon(src.draggingLabel.getIcon());
      l.setText(src.draggingLabel.getText());
      target.add(l);
      target.revalidate();
      return true;
    } catch(UnsupportedFlavorException ufe) {
      ufe.printStackTrace();
    } catch(java.io.IOException ioe) {
      ioe.printStackTrace();
    }
    return false;
  }
  @Override protected void exportDone(JComponent c,Transferable data,int action) {
    System.out.println("exportDone");
    DragPanel src = (DragPanel)c;
    if(action == TransferHandler.MOVE) {
      src.remove(src.draggingLabel);
      src.revalidate();
      src.repaint();
    }
    src.draggingLabel = null;
    window.setVisible(false);
  }
}