Investigating long-term drought trends is of great importance in coping with the adverse effects of global warming. However, little attention has been focused on studying the detailed spatial variability and attribution of drought variation in China. In this study, we first generated a 1 km resolution monthly climate dataset for the period 1901–2100 across China using the delta spatial downscaling method to assess the variability of the Standardized Precipitation Evaporation Index (SPEI). We then developed a simple approach to quantifying the contributions of water supply (precipitation) and demand (potential evapotranspiration, PET) on SPEI variability, according to the meaning of the differentiating SPEI equation. The results indicated that the delta framework could accurately downscale and correct low-spatial-resolution monthly temperatures and precipitation from the Climatic Research Unit and general circulation models (GCMs). Of the 27 GCMs analyzed, the BNU-ESM, CESM1-CAM5, and GFDL-ESM2M were found to be the most accurate in modeling future temperatures and precipitation. We also found that, compared with the past (1901–2017), the climate in the future (2018–2100) will tend toward significant droughts, although both periods showed a high spatial heterogeneity across China. Moreover, the proportion of areas with significantly decreasing SPEI trends was far greater than the proportion of those with increasing trends in most cases, especially for northwestern and northern China. Finally, the proposed approach to quantifying precipitation and PET contributions performed well according to logical evaluations. The percentage contributions of precipitation and PET on SPEI variability varied with study periods, representative concentration pathway scenarios, trend directions, and geographic spaces. In the past, PET contributions for significant downward trends and precipitation contributions for significantly upward trends accounted for 95% and 72%, while their future contributions were 57 ± 22%–149 ± 20% and 95 ± 27%–190 ± 58%, respectively. Overall, our results provide detailed insights for planning flexible adaptation and mitigation strategies to cope with the adverse effects of climate drought across China.