Previous studies seldom consider humidity when examining heat‐related extremes, and none have explored the effects of humidity on concurrent extremes of high heat stress and low river streamflow. Here, we present the first global picture of projected changes in compound lethal heat stress (Th)‐drought hazards (CHD) across 11,637 catchments. Our observational datasets show that atmospheric conditions (e.g., energy and vapor flux) play an important role in constraining the heat extremes, and that Th (32% ± 11%) yields a higher coincidence rate of global CHD than wet‐bulb temperature (28% ± 11%), driven by lower relative humidity (RH) and thus air dryness in Th extremes. Our large model ensemble projects a 10‐fold intensification of bivariate CHD risks by 2071–2100, mainly driven by increases in heat extremes. Future declines in RH, wind, snow, and precipitation in many regions are likely to exacerbate such water and weather‐related hazards (e.g., drought and CHD).