This study explored the use of monthly MODIS NDVI and LST data for drought monitoring in LMB. The data were processed for the 2002–2010 dry seasons using the TVDI triangle method. Comparisons between the results (TVDI) and AMSR-E volumetric soil moisture indicated close relationships between the two datasets. When investigating the sensitivity between TVDI and TRMM precipitation data over the 2001–2010 dry seasons, the results revealed close agreement between the datasets over time. In addition, the results achieved by comparisons between TVDI and CWSI deduced from MODIS LST alone also showed strong spatiotemporal correlations between both datasets. The spatial distribution of moderate and severe droughts was scattered over the LMB but was more extensive in Thailand and Cambodia. The droughts began in the early dry season (November) and likely returned to normal conditions by the end of the season (April) with the onset of the rainy season. A larger area of severe droughts was observed for the 2003–2006 dry seasons compared to other years. The largest area affected by severe droughts was during the 2005 dry season. Findings from this study were consistent with the observations reported by Mekong River Commission that the region had experienced droughts from 2003 until June 2006. Information on historical droughts in LMB obtained from this study could be important for agricultural drought risk management, water management, and irrigation scheduling for crop production. Our findings demonstrate the merit of using monthly MODIS NDVI and LST data for regional drought monitoring, a method that can be extended to other global locations for long-term monitoring of droughts over large-scale regions.