Drought is one of the most natural hazards that happens in all of the different climates from humid to semi-arid and arid conditions. Having knowledge about drought and low flow conditions in different sectors such as agriculture, economic and water resources is very important. In this study, meteorological and stream flow drought conditions have been investigated in Karkhe watershed during 1966 to 2001 years and the data of 12 hydrometric and meteorological stations were used. Two indices including standardized precipitation index (SPI) and precipitation deciles for quantifying metrological drought and five indices of Q7,10، Q7,20، Q30,10، Q4,3 and Q95 for considering low stream flow conditions have been selected respectively. Homogeneity of precipitation and discharge data was determined by run test. The 9, 12 and 24-month SPI's and annual precipitation deciles were computed. In order to calculating the low flow indices first all of the 4, 7 and 30-day annual low flows were determined in different years. Then, selective indices were determined using low flow frequency analysis. Meteorological and hydrological droughts were also compared according to different computed indices. Finally, all of the indices were regionalized by Kriging method. Comparing homogeneous regions from hydrological and meteorological indices were determined by cluster analysis. The results show that none of the stations completely have the same meteorological and hydrological drought period and in average about 50 percent of these two mentioned droughts happened in the same time. Comparison of meteorological and hydrological droughts in Karkhe watershed indicates that hydrological droughts have the lower frequency and longer periods than meteorological droughts. Meteorological drought severity in the east of watershed is more than the west of watershed. Meteorological drought frequency and severity have a direct relationship such that when drought frequency has been increased, the drought severity has also increased.