A comprehensive dataset of extreme hydrological events (EHEs) – floods and droughts, consisting of 2,171 occurrences worldwide, during 1960‐2014 was compiled, and then their economic losses were normalized using a price index in U.S. dollar. The dataset showed a significant increasing trend of EHEs before 2000, while a slight post‐2000 decline. Correspondingly, the EHEs‐caused economic losses increased obviously before 2000 followed by a slight decrease; the post‐2000 decline could be partially attributed to the decreases in drought and flood‐prone area, or climate adaptation practices. Spatially, Asia experienced most EHEs (969), corresponding to the largest share of economic losses (approximately $868 billion for floods and $50 billion for droughts, respectively), while Oceania had the least EHEs (102) and the least economic losses (approximately $19 billion for floods and $45 billion for droughts). The five countries with the highest EHE‐caused economic losses were China, USA, Canada, Australia, and India. Countries that suffered the highest flood‐caused economic losses were China, USA, and Canada. This dataset provides a quantitative linkage between climate science and economic losses at a global scale; and it is beneficial for the regional climatic impact assessments and strategical development for mitigating climate change impacts.