AbstractRegional floods result from various flood generation mechanisms. Traditional analyses mainly link flooding to extreme rainfall, with limited input from soil moisture. Total water storage (TWS) is a holistic measure of basin wetness, including additional storage components from surface water, snow, and groundwater. Utilizing a new 5‐day Gravity Recovery and Climate Experiment and its Follow On (GRACE(‐FO)) data set, we investigated the linkage between short‐term TWS anomaly (TWSA) and regional flooding. The 5‐day TWSA solutions revealed flood signals missed by monthly TWSA solutions. Global basins exhibit distinct storage‐discharge co‐evolution patterns, offering new insights into flood mechanisms and propensity. Our bivariate event analyses show the annual maximum river discharges co‐occur more often with the TWSA maxima than with precipitation in many basins. Further analyses revealed TWSA's time‐lagged effect on river discharge, particularly in basins susceptible to floods triggered by saturation‐excess runoff. The 5‐day TWSA provides a new source of information for enhancing global flood preparedness.