This study evaluates the impact of climate change (CC) on runoff and hydrological drought trends in the Hablehroud river basin in central Iran. We used a daily time series of minimum temperature (Tmin), maximum temperature (Tmax), and precipitation (PCP) for the baseline period (1982–2005) analysis. For future projections, we used the output of 23 CMIP5 GCMs and two scenarios, RCP 4.5 and RCP 8.5; then, PCP, Tmin, and Tmax were projected in the future period (2025–2048). The GCMs were weighed based on the K-nearest neighbors algorithm. The results indicated a rising temperature in all months and increasing PCP in most months throughout the Hablehroud river basin's areas for the future period. The highest increase in the Tmin and Tmax in the south of the river basin under the RCP 8.5 scenario, respectively, was 1.87 °C and 1.80 °C. Furthermore, the highest reduction in the PCP was 54.88% in August under the RCP 4.5 scenario. The river flow was simulated by the IHACRES rainfall-runoff model. The annual runoff under the scenarios RCP 4.5 and RCP 8.5 declined by 11.44% and 13.13%, respectively. The basin runoff had a downward trend at the baseline period; however, it will have a downward trend in the RCP 4.5 scenario and an upward trend in the RCP 8.5 scenario for the future period. This study also analyzed drought by calculating the streamflow drought index for different time scales. Overall, the Hablehroud river basin will face short-term and medium-term hydrological drought in the future period.