This research was conducted on North Wollo, South Wollo, and Oromia special zones, in Ethiopia. The study aimed to analyze the temporal and spatial variability of meteorological and hydrological drought trends using the selected drought indices and to predict its future trend in the selected areas. To achieve these objectives, meteorological and hydrological data were collected from the Ethiopian Meteorology Institute and the Ministry of Water and Energy respectively. The historical and future drought condition was analyzed by using the standardized precipitation index (SPI), reconnaissance drought index (RDI), and streamflow drought index (SDI) from the drought indicator calculator (DrinC) software. Based on the availability of the data, for historical drought analysis, ten meteorological stations with thirty-two years of daily data were selected. For the future scenario, RCP 4.5 was used to downscale the future climate data and to forecast SPI and RDI values. Also, an artificial neural network (ANN) was applied to forecast the future streamflow data using Python software, then the future hydrological drought was determined using the forecasted streamflow data. The result indicates that all zones were historically affected by severe to extreme droughts, especially 1984, 1986, 1987, 1989, 1991, 1992, 2003, 2007, 2010, 2013, and 2014 years. From 1984 to 1992 the probability of severe to extreme drought occurrence was on average of two years intervals and from 1992 to 2003 there is a huge gap. From the future drought analysis results, the probability of severe to extreme drought occurrence will be at five-year intervals on average. Based on the analyzed results, the frequency of severe to extreme drought occurrence of historical drought which was two and three years was increased to five years for the future conditions on average. But, these are short intervals and the magnitude of the event is very high. So, the regional water and energy office and other concerned bodies in the area have to plan a good drought mitigation mechanism and should develop a drought early warning system for the communities in and around the study area.