This study evaluated drought severity by bivariate frequency analysis using drought magnitude and precipitation deficit. A drought event was defined by Standardized Precipitation Index (SPI) and the precipitation deficit was estimated using reference precipitation corresponding to the SPI -1. In previous studies, drought magnitude and duration were used for bivariate frequency analysis. However, since these two variables have a largely linear relationship, extensibility of drought information is not great compared to the univariate frequency analysis for each variable. In the case of drought in 2015, return periods of ‘drought magnitude-precipitation deficit’ in the Seoul, Yangpyeong, and Chungju indicated severe drought over 300 years. However, the result of ‘drought magnitude-duration’ showed a significant difference by evaluating the return period of about 10, 50, and 50 years. Although a drought including the rainy season was seriously lacking in precipitation, drought magnitude did not adequately represent the severity of the absolute lack of precipitation. This showed that there is a limit to expressing the actual severity of drought. The results of frequency analysis for ‘drought magnitude- precipitation deficit’ include the absolute deficit of precipitation information, so which could consider being a useful indicator to cope with drought.