Water supply safety index plays an important role on assessing the water supply capacity of hydrologic system. Due to the absence of consistent guidance, however, practical problems have been brought up on data period used for dam design and performance evaluation. Therefore, this study employed bivariate drought frequency analysis which is able to consider drought severity and duration simultaneously, in order to evaluate water supply capacity of multi-purpose dams. Drought characteristics were analyzed based on the probabilistic approach, and water supply capacity of five multi-purpose dams in Korea (Soyang River, Chungju, Andong, Daecheong, Seomjin River) were evaluated under the specific drought conditions. As a result, it would be possible to have stable water supply with their own inflow during summer and fall, whereas water shortage would occur even under the 1-year return period drought event during spring and winter due to low rainfall.