Abstract Drought is one of the most complicated and challenging natural hazards, which occurs nearly in every part of the world and poses recurring challenges to agriculture, food security, livestock, human health, and water management. Pakistan has a long history of drought; however, this study focuses on drought analysis and projection in the province of Punjab, Pakistan, as it provides around 60% of the country’s food product, significantly contributing to the national food supply and economy. This study utilized the previous 56 years (1962–2017) of climate data to calculate the reconnaissance drought index (RDI) and then extracted the drought variables of durations and severity for each meteorological station. The best-fit marginal probability distribution and copula models were chosen for the stations based on numerical as well as graphical evaluation. Lognormal and exponential probability distributions, as well as Gumbel, are selected as the best-fit probability distributions for both drought characteristics and bivariate copula model, respectively, for projections. From the projections, we can infer that the smaller return periods indicate high vulnerability while longer return periods with low vulnerability. The results suggest that Faisalabad, Bahawalpur, Bahawalnagar, and Multan stations have the lowest return periods, indicating high vulnerability, and may experience drought more frequently in the future. Mianwali, Khanpur, Lahore, and Sialkot stations may have an intermediate vulnerability to drought events. The stations of Jhelum, Murree, and Sargodha have larger return periods, implying lower susceptibility to drought events in the future. The projected results provide insights for policymakers and stakeholders to optimize the risk of droughts on agriculture production, livestock, water management, human health, and food security in Punjab, Pakistan.