Analysis of hydrological extremes is challenging due to their rarity and small sample size and the interconnections between different types of extremes and gets further complicated by an untrustworthy representation of meso-scale processes involved in extreme events by coarse spatial and temporal scale models as well as biased or missing observations due to technical difficulties during extreme conditions. The special issue “Statistical Analysis and Stochastic Modelling of Hydrological Extremes”—motivated by the need to apply and develop innovative stochastic and statistical approaches to analyze hydrological extremes under current and future climate conditions —encompass 13 research papers. Case studies presented in the papers exploit a wide range of innovative techniques for hydrological extremes analyses. The papers focus on six topics: Historical changes in hydrological extremes, projected changes in hydrological extremes, downscaling of hydrological extremes, early warning and forecasting systems for drought and flood, interconnections of hydrological extremes and applicability of satellite data for hydrological studies. This Editorial provides an overview of the covered topics and reviews the case studies relevant for each topic.