The frequency, duration, and magnitude of heatwaves and droughts are expected to increase in a warming climate, which can have profound impacts on the environment, society, and public health, and these may be severely affected specifically by compound droughts and heatwaves (CDHWs). On the basis of daily maximum temperature data and the one-month standardized precipitation evapotranspiration index (SPEI) from 1961 to 2018, the Gan River Basin (GRB) was taken as a case here to construct CDHW identification indicators and quantify the population exposure to CDHWs. We found that ERA5 reanalysis data performed well in overall simulating temperature, precipitation, one-month SPEI, heatwaves, and CDHWs in the GRB from 1961 to 2018. CDHWs during the period from 1997 to 2018 were slightly higher than that in 1961–1997. CDHWs were more likely to occur in the southern parts of the basin due to the relatively high values of drought–heatwave dependence indices. Atmospheric circulation analysis of the 2003 CDHW in the GRB showed a relatively long-lasting anomalous high pressure and anticyclonic circulation system, accompanied by the positive convective inhibition and surface net solar radiation anomalies. These circulating background fields eventually led to the exceptional 2003 CDHW occurrence in the GRB. The population exposure to CDHWs basically increased, especially for the moderate CDHWs in ERA5. The change in total exposure was mainly due to climate change. Compared with the period from 1989 to 1998, the contributions of the population change effect in 2009–2018 gradually increased with the increase in the CDHW magnitude both in the observations and ERA5 reanalysis data.