A meteorological drought refers to reduced rainfall conditions and is a great challenge to food security. Information of a meteorological drought in advance is important for taking actions in anticipation of its effects, but this can be difficult for areas with limited or sparse ground observation data available. In this study, a meteorological drought indicator was approached by applying the Standardized Precipitation Index (SPI) to satellite-based precipitation products from multiple sources. The SPI based meteorological drought analysis was then applied to Java Island, in particular to the largest rice-producing districts of Indonesia. A comparison with ground observation data showed that the satellite products accurately described meteorological drought events in Java both spatially and temporally. Meteorological droughts of the eight largest rice-producing districts in Java were modulated by the natural variations in El Niño and a positive-phase Indian Ocean Dipole (IOD). The drought severity was found to be dependent on the intensity of El Niño and a positive-phase IOD that occurs simultaneously, while the duration seems to be modulated more by the positive-phase IOD. The results demonstrate the potential applicability of satellite-based precipitation monitoring to predicting meteorological drought conditions several months in advance and preparing for their effects.