AbstractThe stationarity hypothesis of hydrometeorological elements has been questioned in the context of global warming and intense human disturbance. The conventional drought index and methods of frequency analysis may no longer be applicable for hydrological drought risk evaluation under a changing environment. In this study, a new dynamic hydrological drought risk evaluation framework is proposed for application to the Hanjiang River basin (HRB), which simultaneously considers the non‐stationarity in the construction of drought index as well as in the frequency analysis. First, a non‐stationary standardized runoff index (NSRI) is developed using a generalized additive model for location, scale and shape (GAMLSS) framework. Then, hydrological drought characteristics including duration and severity are identified, and their marginal distributions are established. Finally, based on the dynamic copula, considering the non‐stationarity of the dependence structure, the dynamic joint probability distribution, conditional probability distribution and return period of the bivariate hydrological drought properties are analysed. Results showed that NSRI, which integrates the impacts of climate change and anthropogenic activities on the non‐stationarity of runoff series, had a better ability to capture runoff extremes than had SRI. In addition, it is indispensable to consider the non‐stationarity of the dependence structure between variables when discussing the multivariate joint risk of hydrological drought. The risk of hydrological drought in the study area has shown an increasing trend in the past 65 years, and the drought conditions from upstream to downstream have been alleviated first and then intensified. This study provides valuable information for regional drought risk estimation and water resources management from a non‐stationary perspective.