This paper presents a quantitative investigation of the variability of meteorological dry/wet conditions of the Poyang Lake catchment during 1960–2010 by using the standardized precipitation-evapotranspiration index (SPEI) based on daily observations of 14 meteorological stations across the catchment. Extending from previous studies, the background of the encounter and overlap of multitimescales of meteorological dry/wet episodes for several severe drought and flood events were discussed. In addition, the possible impacts of temperature changes on dry/wet variability were also examined by the comparison of SPEI and standardized precipitation index (SPI) variations at multitimescales during the study period. Major results show that the occurrence of dry/wet condition has become increasingly frequent in the recent two decades, especially the extreme wet episodes in 1990s and the extreme dry episodes in 2000s. Historically, the encounter and overlap of multitimescales of meteorological dry/wet episodes plays an important role in the occurrence of several severe drought and flood events. The study concluded that the impact of temperature anomaly to the dry/wet variability cannot be neglected.