For the present study, a quantitative statistical approach has been used to understand the spatiotemporal hydrological variability in the Luni River Basin from 1980 to 2020. To delineate homogeneous precipitation regions, we utilized the Principal Component Analysis (PCA) and Ward's method of Hierarchical Clustering Analysis (HCA) on the precipitation-derived variables. Five homogenous precipitation regions were identified for the Luni River Basin, Pali-Ajmer (Region 1), Jodhpur-Nagaur (Region 2), Jodhpur-Jaisalmer (Region 3), Barmer-Balotra (Region 4) and northern part of the coastal reaches of Gujarat (Region 5). The calculation of wet and dry periods for a 3-month (or seasonal) scale has been undertaken using metrics like the Standardized Precipitation Index (SPI), Reconnaissance Drought Index (RDI), and self-calibrated Palmer Drought Severity Index (scPDSI) spanning for a period from 1980 to 2020. These indices indicate significant occurrences of major floods in the years 1990, 1996, 2001, 2006, 2010, 2016, and 2019, along with major droughts during 1984, 1987, and 2002. Cross-Wavelet Analysis (CWA) was utilized to discern the impact of large-scale climatic anomalies, including the Southern Oscillation Index (SOI), Pacific Sea Surface Temperature (SST), Multivariate ENSO Index (MEI), and Indian Ocean Dipole (IOD), on 3-month precipitation, revealing strong teleconnections with the basin's topographic variations and dynamic hydrology. Finally, the present study portrays the occurrences of various hydrological events, including floods and droughts, spanning the last four decades in an inland river basin such as the Luni, which is susceptible to major climatic phenomena such as El Ni & ntilde;o, ENSO, SOI, SST and IOD.