Joint super-resolution and inverse tone-mapping (SR-ITM) aims to enhance the visual quality of videos that have quality deficiencies in resolution and dynamic range. This problem arises when using 4K high dynamic range (HDR) TVs to watch a low-resolution standard dynamic range (LR SDR) video. Previous methods that rely on learning local information typically cannot do well in preserving color conformity and long-range structural similarity, resulting in unnatural color transition and texture artifacts. In order to tackle these challenges, we propose a global priors guided modulation network (GPGMNet) for joint SR-ITM. In particular, we design a global priors extraction module (GPEM) to extract color conformity prior and structural similarity prior that are beneficial for ITM and SR tasks, respectively. To further exploit the global priors and preserve spatial information, we devise multiple global priors guided spatial-wise modulation blocks (GSMBs) with a few parameters for intermediate feature modulation, in which the modulation parameters are generated by the shared global priors and the spatial features map from the spatial pyramid convolution block (SPCB). With these elaborate designs, the GPGMNet can achieve higher visual quality with lower computational complexity. Extensive experiments demonstrate that our proposed GPGMNet is superior to the state-of-the-art methods. Specifically, our proposed model exceeds the state-of-the-art by 0.64 dB in PSNR, with 69% fewer parameters and 3.1× speedup. The code will be released soon.