AbstractFuture flood risk assessment has primarily focused on heavy rainfall as the main driver, with the assumption that projected increases in extreme rain events will lead to subsequent flooding. However, the presence of and changes in vegetation have long been known to influence the relationship between rainfall and runoff. Here, we extract historical (1850–1880) and projected (2070–2100) daily extreme rainfall events, the corresponding runoff, and antecedent conditions simulated in a prominent large Earth system model ensemble to examine the shifting extreme rainfall and runoff relationship. Even with widespread projected increases in the magnitude (78% of the land surface) and number (72%) of extreme rainfall events, we find projected declines in event‐based runoff ratio (runoff/rainfall) for a majority (57%) of the Earth surface. Runoff ratio declines are linked with decreases in antecedent soil water driven by greater transpiration and canopy evaporation (both linked to vegetation greening) compared to areas with runoff ratio increases. Using a machine learning regression tree approach, we find that changes in canopy evaporation is the most important variable related to changes in antecedent soil water content in areas of decreased runoff ratios (with minimal changes in antecedent rainfall) while antecedent ground evaporation is the most important variable in areas of increased runoff ratios. Our results suggest that simulated interactions between vegetation greening, increasing evaporative demand, and antecedent soil drying are projected to diminish runoff associated with extreme rainfall events, with important implications for society.