This Special Issue is a platform to fill the gaps in drought risk analysis with field experience and expertise. It covers (1) robust index development for effective drought monitoring; (2) risk analysis framework development and early warning systems; (3) impact investigations on hydrological and agricultural sectors; (4) environmental change impact analyses. The articles in the Special Issue cover a wide geographic range, across China, Taiwan, Korea, and the Indo-China peninsula, which covers many contrasting climate conditions. Hence, the results have global implications: the data, analysis/modeling, methodologies, and conclusions lay a solid foundation for enhancing our scientific knowledge of drought mechanisms and relationships to various environmental conditions.