Combined analysis of precipitation and water scarcity was done with using SPI and SRI indices. Time series of the hydro-meteorological conditions were investigated as discrete state, discrete-time Markov chain with aim to explore transition between drought conditions in terms of frequency, residence time, and interim period from one drought condition to another. Besides, prediction of drought conditions were also conducted. The results indicate that: (1) The drought hazards do have its massive negative impacts during its initial conditions in the Xiuhe River basin; and manifest its negative impacts during its developing conditions of the droughts in the Fuhe and Xiuhe River basins; in the Ganjiang and Raohe River basins, however, the droughts have its greatest impacts during lasting time intervals; (2) The occurrence probability of meteor-hydrological droughts of the Poyang Lake is characterized by continuing wet or dry conditions. Transition between meteorological wetness to hydrological drought is subject to lower probability in the Lake Poyang Basin; (3) The prediction of droughts indicates that the transitional probability from the 2nd condition to hydrological drought is the lowest and the transitional probability from the 1st (or 3rd) condition to the 4th condition is the largest. The transitional probability from the 1st, 2nd and 3rd condition to hydrological drought is the lowest in Xiuhe River Basin. However, The transitional probability from the 1st and 2nd condition to hydrological drought is the largest in Ganjiang River Basin The results of this study will be of great merits in terms of human mitigation to droughts in a changing environment.