Flash drought (FD) is characterized by the rapid onset and development of drought conditions. It usually occurs during the growing seasons, causing more severe impacts on agriculture and society than the slowly-evolving droughts. Based on the Standard Evaporative Stress Ratio (SESR), this study presents an assessment of the spatio-temporal variability of the joint return periods of FD characteristics in the Pearl River basin (PRB), southern China. Three FD characteristics (i.e., duration D, intensity I, peak P) are extracted at each 0.25o×0.25o grid point over the PRB by the Runs theory. Four marginal distribution functions (Gamma, Exponential, Generalized Extreme Value and Lognormal) are used to fit FD characteristics, while three Archimedean Copula functions (Clayton, Frank and Gumbel) are used for generating the joint distributions of various paired FD characteristics. The results indicate that Lognormal is the best-fitted marginal distribution function of FD characteristics in most parts of PRB, while Frank and Clayton are the best-fitted Copula of the joint PDFs of three pairs of FD characteristics in most parts of PRB. During 1953–2013, the FD events are more frequent in eastern PRB (> 40 events) than western PRB (<10 events), and larger FD characteristics (D and I) are also found in eastern PRB than western PRB. The return period of each FD characteristic is smaller in eastern PRB than western PRB, leading to smaller joint return periods of three paired FD characteristics (D-I, D-P, P-I) in eastern PRB than western PRB. Overall, our results suggest that the risk of FD is gradually increased from the west to the east of the PRB.