Accurate drought outlook and drought monitoring have been preceded recently to mitigate drought damages that further deepen. This study improved the limitations of the previous MSWSI (Modified Surface Water Supply Index) used in Korea and carried out probabilistic drought forecasts based on ensemble technique with the improved MSWSI. This study investigated available hydrometeorological components in Geum river basin and supplemented appropriate components (dam water level, dam release discharge) in addition to the four components (streamflow, groundwater, precipitation, dam inflow) usedin the previous MSWSI to each sub-basin. Although normal distribution was fitted in the previous MSWSI, the most suitable probabilistic distributions to each meteorological component were estimated in this study, including Gumbel distribution for precipitation and streamflow data; 2-parameter log-normal distribution for dam inflow, water level, and release discharge data; 3-parameter log-normal distribution for groundwater. To verify the improved MSWSI results using historical precipitation and streamflow, simulated drought situations were used. Results revealed that the improved MSWSI results were closer to actual drought than previous MSWSI results. The probabilistic forecasts based on ensemble technique with improved MSWSI were performed and evaluated in 2006 and 2014. The accuracy of the improved MSWSI was better than the previous MSWSI. Moreover, the drought index of actual drought was included in ranges of drought forecasts using the improved MSWSI.