Flash droughts, characterized by their rapid onset and severe impacts, have critical implications for the ecological environment and water resource security. However, inconsistent definitions of flash droughts have hindered scientific assessments of drought severity, limiting efforts in disaster prevention and mitigation. In this study, we propose a new method for explicitly characterizing flash drought events, with particular emphasis on the process of soil moisture recovery. The temporal and spatial evolution of flash droughts over the Yangtze River Basin was analyzed, and the severity of the extreme flash drought in 2022 was assessed by comparing its characteristics and impacts with those of three typical dry years. Additionally, the driving factors of the 2022 flash drought were evaluated from multiple perspectives. Results indicate that the new identification method for flash droughts is reasonable and reliable. In recent years, the frequency and duration of flash droughts have significantly increased, with the Dongting Lake and Poyang Lake basins being particularly affected. Spring and summer were identified as peak seasons for flash droughts, with the middle reaches most affected in spring, while summer droughts tend to impact the entire basin. Compared to 2006, 2011, and 2013, the flash drought in 2022 affected the largest area, with the highest number of grids experiencing two flash drought events and a development rate exceeding 15%. Moreover, the summer heat in 2022 was more extreme than in the other three years, extending from spring to fall, especially during July–August. Its evolution was driven by the Western Pacific Subtropical High, which suppressed precipitation and elevated temperatures. The divergence of water vapor flux intensified water shortages, while anomalies in latent and sensible heat fluxes increased surface evaporation and heat transfer, further disturbing the regional water cycle. This study provides valuable insights for flash drought monitoring and early warning in the context of a changing climate.