The effective prediction and estimation of hydrometeorological variables are important for water resources planning and management. In this study, we propose a multivariate conditional model for streamflow prediction and the refinement of spatial precipitation estimates. This model consists of high dimensional vine copulas, conditional bivariate copula simulations, and a quantile‐copula function. The vine copula is employed because of its flexibility in modeling the high dimensional joint distribution of multivariate data by building a hierarchy of conditional bivariate copulas. We investigate two cases to evaluate the performance and applicability of the proposed approach. In the first case, we generate one month ahead streamflow forecasts that incorporate multiple predictors including antecedent precipitation and streamflow records in a basin located in South China. The prediction accuracy of the vine‐based model is compared with that of traditional data‐driven models such as the support vector regression (SVR) and the adaptive neuro‐fuzzy inference system (ANFIS). The results indicate that the proposed model produces more skillful forecasts than SVR and ANFIS. Moreover, this probabilistic model yields additional information concerning the predictive uncertainty. The second case involves refining spatial precipitation estimates derived from the tropical rainfall measuring mission precipitationproduct for the Yangtze River basin by incorporating remotely sensed soil moisture data and the observed precipitation from meteorological gauges over the basin. The validation results indicate that the proposed model successfully refines the spatial precipitation estimates. Although this model is tested for specific cases, it can be extended to other hydrometeorological variables for predictions and spatial estimations. Key Points A novel multivariate probabilistic prediction model is developed It consists of vine copulas, conditional copula simulation, and quantile‐copula The model is used for streamflow prediction and spatial precipitation refinement