AbstractGlobal warming increases the atmospheric water‐holding capacity, consequently altering the frequency, and intensity of extreme hydrological events. River floods characterized by large peak flow or prolonged duration can amplify the risk of social disruption and affect ecosystem stability. However, previous studies have mostly focused on univariate flood magnitude characteristics, such as flood peak or volume, and there is still limited understanding of how these joint flood characteristics (i.e., magnitude and duration) might co‐evolve under different warming levels. Here, we develop a systematical bivariate framework to project future flood risk in 11,528 catchments across the globe. By constructing the joint distribution of flood peak and duration with copulas, we examine global flood risk with a bivariate framework under varying levels of global warming (i.e., within a range of 1.5–3.0°C above pre‐industrial levels). The flood projections are produced by driving five calibrated lumped hydrological models (HMs) using the simulations with bias adjustment of five global climate models (GCMs) under three shared socioeconomic pathways (SSP126, SSP370, and SSP585). On average, global warming from 1.5 to 3.0°C tends to amplify flood peak and lengthen flood duration across almost all continents, but changes are not unidirectional and vary regionally around the globe. The joint return period (JRP) of the historical (1985–2014) 50‐year flood event is projected to decrease to a median with 36 years under a medium emission pathway at the 1.5°C warming level. Finally, we evaluate the drivers of these JRP changes in the future climate and quantify the uncertainty arising from the different GCMs, SSPs, and HMs. Our findings highlight the importance of limiting greenhouse gas emission to slow down global warming and developing climate adaptation strategies to address future flood hazards.