In this paper, we continue the study of Hurwitz series over a commutative unital ring that was begun in [W. Keigher, On the ring of Hurwitz series, Commun. Algebra 25 (1997) 1845–1859; W. Keigher and F. Pritchard, Hurwitz series as formal functions, J. Pure Appl. Algebra 146 (2000) 291–304]. In particular, we introduce the notion of multivariate Hurwitz series. The underlying idea is that multivariate Hurwitz series are to Hurwitz series as studied in [W. Keigher, On the ring of Hurwitz series, Commun. Algebra 25 (1997) 1845–1859; W. Keigher and F. Pritchard, Hurwitz series as formal functions, J. Pure Appl. Algebra 146 (2000) 291–304] as formal power series in several indeterminates are to formal power series in only one indeterminate. The elementary aspects of the theory follow along the lines of [W. Keigher, On the ring of Hurwitz series, Commun. Algebra 25 (1997) 1845–1859; W. Keigher and F. Pritchard, Hurwitz series as formal functions, J. Pure Appl. Algebra 146 (2000) 291–304]. The treatment of substitution and divided powers introduces special problems not encountered in [W. Keigher and F. Pritchard, Hurwitz series as formal functions, J. Pure Appl. Algebra 146 (2000) 291–304] and requires special attention to subtle details. However, we are able to establish analogous results. With substitution and divided powers in place, we construct and study the analog to the so called inner transformations of [S. Bochner and W. T. Martin, Several Complex Variables (Princeton University Press, 1948)]. Finally, we are able to establish analogs to many of the fundamental results of single and multivariate calculus.