About 41% of the earth is drought-affected, which has impacted nearly 2 billion people, and it is expected that more than 90% of terrestrial areas will be degraded by 2050. To evade and mitigate the harmful impacts of drought, it is necessary to study the rainfall variability and assess the drought trend at a global and regional level. This study utilized 70 meteorological stations in South Korea to evaluate the rainfall variability, drought, and its trend during the past five decades using the standardized precipitation evapotranspiration index (SPEI) and the standardized precipitation index (SPI). Rainfall data normality was assessed with mean, standard deviation, skewness, and kurtosis. The highest amount of rainfall was observed in the months of June, July, and August. The SPI and SPEI 12-month results revealed that 1982, 1988, 2008, 2015, and 2017 were dry years throughout the country, while from 2013 to 2017 mixed drought events were observed for the 6-month time series. The Mann-Kendall trend test was applied to the 1- and 12-month time series, and the results revealed that the months of January, March, April, May, June, and August had a significant negative trend, which means drought is increasing in these months, while the months of September, October, and December had a significant positive trend, which means wetter conditions prevailed in these months during the study period. It was observed in the 12-month time series that only two met stations had a significant negative trend, while only one had a significant positive trend. It was found that January and March were the driest months, and October was the wettest month. The detected drought events in this research are consistent with ENSO events. We have observed differences in drought characteristics (duration and frequency) for both indices. Climatic data revealed that South Korea has faced drought conditions (rainfall deficit) due to a shortened monsoon season. This study can provide guidance on water management strategies under the changing pattern of drought in South Korea.