Drought can have a significant impact on both society and the economy, resulting in issues such as scarcity of water and shortages of food and energy, as well as elevated health risks. However, as global temperatures continue to rise, the impact of drought events is increasingly exacerbated, manifested by an increase in the frequency, intensity, duration, and spatial extent of their effects. Therefore, studying the changing characteristics of drought events with the background of climate change is of great significance. Based on the high-precision and high-resolution CN05.1 dataset, this study obtained the monthly Standardized Precipitation Evapotranspiration Index (SPEI) dataset from 1961 to 2020, and then identified regional drought events in China using the Intensity–Area–Duration (IAD) method, which considers both temporal continuity and spatial dynamics. On this basis, the spatiotemporal variations in frequency, intensity, duration, and affected area of drought events in China and its seven subregions were analyzed. The results showed that the subregions located in the northern region of China generally have lower mean, maximum, and minimum temperatures than those located in the southern region, but the associated interannual change rate of the subregions in the north is higher than that in the south. As for the annual total precipitation, results show a clear pattern of decreasing southeast–northwest gradient, with an increasing trend in the northern subregions and a decreasing trend in the southern subregions except for the subregion south China (SC). The northeast of China (NE), SC, the southwest of China (SW) and north China (NC) are the regions with a high frequency of drought events in China, while the frequency of drought events in NW and Qinghai–Tibetan Plateau (QTP), although lower, is on a significantly increasing trend, and the increasing rate is higher than for the other regions. For drought intensity, Xinjiang (XJ) and QTP had greater drought intensity, and the change rate of these regions with greater drought intensity was also greater. The drought impact area in China showed a significant increasing trend, mainly concentrated in QTP, NW and NE. Particular attention needs to be focused on the southwest of QTP, where drought events in this region show a significant increase in frequency, intensity, duration and impact area.