Quantifying the contributions of air temperature and precipitation changes to drought events can inform decision-makers to mitigate the impact of droughts while existing studies focused mainly on long-term dryness trends. Based on the latest Coupled Model Intercomparison Project (CMIP6), we analyzed the changes in drought events and separated the contributions of air temperature and precipitation to the risk of future drought events. We found that drought frequency, duration, severity, and month will increase in the future (56.4%, 63.5%, 82.9%, and 58.2% of the global land area in SSP245, and 58.1%, 67.7%, 85.8%, and 60.5% of the global land area in SSP585, respectively). The intermediate scenario has a similar pattern to the most extreme scenario, but low emission was found to mitigate drought risk. Globally, we found that air temperature will have a greater impact than precipitation on intensifying drought. Increasing precipitation will mitigate drought risks in some middle and high northern latitudes, whilst the trend in increasing air temperature will counter the effects of precipitation and increase the impact of droughts. Our study improves the understanding of the dynamics of future devastating drought events and informs the decision-making of stakeholders.