As a natural disaster, drought can endanger global ecology, socio-economic systems, and sustainable development. To address sudden droughts in the future, assess drought disasters, and propose mitigation measures, in-depth research on the spatiotemporal variations in and driving factors of meteorological drought is essential. To study drought in the Yellow River Basin, we calculated the multi-scale Standardized Precipitation Evapotranspiration Index (SPEI), derived from monthly meteorological data recorded at weather stations from 1968 to 2019. We examined the features of drought and its driving factors using the trend-free pre-whitening Mann–Kendall (TFPW-MK) test and Sen’s slope estimator, as well as a drought frequency analysis, center of gravity migration model, standard deviation ellipse model, and geographic detector. Our analysis shows that (1) from 1968 to 2019, the Yellow River Basin exhibited a shift from aridity to increased moisture on an annual basis, with the smallest SPEI of −1.47 in 2002 indicating a moderate drought; SPEI3 showed a growing tendency in all seasons, particularly in winter (0.00388/year), followed by spring (0.00214/year), summer (0.00232/year), and fall (0.00196/year). The SPEI3 exhibited higher fluctuations in frequency compared to the annual-scale SPEI12; (2) in terms of spatial variability, there was no significant change in drought conditions at any scale, with the probability of a drought event being greater in the eastern and northwestern portions of the watershed. The epicenter of the drought exhibited a tendency to migrate southwestward; (3) among the seven driving factors, land use and night lighting were the dominant factors affecting drought conditions, with driving force values of 0.75 and 0.63, respectively.
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