While the method for estimating the Palmer Drought Severity Index (PDSI) is now more closely aligned to key water balance components, a comprehensive assessment for measuring long-term droughts that recognizes meteorological, agro-ecological and hydrological perspectives and their attributions is still lacking. Based on physical approaches linked to potential evapotranspiration (PET), the PDSI in 1965-2014 showed a mixture of drying (42% of the land area) and wetting (58% of the land area) that combined to give a slightly wetting trend (0.0036 per year). Despite the smaller overall trend, there is a switch to a drying trend over the past decade (-0.023 per year). We designed numerical experiments and found that PDSI trend responding to the dramatic increase in air temperature and slight change in precipitation. The variabilities of meteorological and agro-ecological droughts were broadly comparable to various PDSI drought index. Interestingly, the hydrological drought was not completely comparable to the PDSI, which indicates that runoff in arid and semi-arid regions was not generated primarily from precipitation. Instead, fraction of glacierized areas in catchments caused large variations in the observed runoff changes.