The Yellow River Basin (YLRB) and Yangtze River Basin (YZRB) are heavily populated, important grain-producing areas in China, and they are sensitive to climate change. In order to study the temporal and spatial distribution of extreme climate events in the two river basins, seven extreme temperature indices and seven extreme precipitation indices were projected for the periods of 2010–2039, 2040–2069, and 2070–2099 using data from 16 Coupled Model Intercomparison Project Phase 5 (CMIP5) models, and the delta change and reliability ensemble averaging (REA) methods were applied to obtain more robust ensemble values. First, the present evaluation indicated that the simulations satisfactorily reproduced the spatial distribution of temperature extremes, and the spatial distribution of precipitation extremes was generally suitably captured. Next, the REA values were adopted to conduct projections under different representative concentration pathway (RCP) scenarios (i.e., RCP4.5, and RCP8.5) in the 21st century. Warming extremes were projected to increase while cold events were projected to decrease, particularly on the eastern Tibetan Plateau, the Loess Plateau, and the lower reaches of the YZRB. In addition, the number of wet days (CWD) was projected to decrease in most regions of the two basins, but the highest five-day precipitation (Rx5day) and precipitation intensity (SDII) index values were projected to increase in the YZRB. The number of consecutive dry days (CDD) was projected to decrease in the northern and western regions of the two basins. Specifically, the warming trends in the two basins were correlated with altitude and atmospheric circulation patterns, and the wetting trends were related to the atmospheric water vapor content increases in summer and the strength of external radiative forcing. Notably, the magnitude of the changes in the extreme climate events was projected to increase with increasing warming targets, especially under the RCP8.5 scenario.