AbstractUnderstanding how droughts are characterized, propagated, and projected, particularly multivariate droughts, is necessary to explain the variability and changes in drought characteristics. This study aims to understand multimodel global drought monitoring, propagation, and projection by utilizing a multivariate standardized drought index (MSDI) during the historical (1959–2014) and future (2045–2100) periods under two socioeconomic pathways SSPs (370 and 585), derived from the bias‐corrected Coupled Model Intercomparison Project Phase 6 (CMIP6). Based on the energy metrics, the multivariate bias correction method outperformed other techniques in correcting the biases in the CMIP6 drought representation. The drought indicators demonstrate distinct categories for meteorological, hydrological, and multivariate droughts. There were significant high cross correlations between Heatwave Total Length (HWTL) and MSDI in Africa and South America for all lagged times. Europe and North America generally saw the maximum MSDI drought duration (228 months) during the historical period. For future projections, Africa recorded the maximum drought duration (197 months), while Europe witnessed the minimum drought duration for SSP 370 (171 months), and North America (149 months) for SSP 585. Furthermore, during the historical period in tropical Africa, the propagation of meteorological to hydrological drought was slower during the wet months than during the dry months. Under the SSP 370 future projection, there was a shift in the long period of meteorological‐hydrological propagation from the middle and late wet months to the beginning of the wet months in tropical Africa. Therefore, tracking and projecting drought characteristics is vital for understanding the risk of drought‐related consequences.