A method for generating combined multivariate time series at multiple locations and at different time scales is presented. The procedure is based on three steps: first, the Monte Carlo method generation of data with statistical properties as close as possible to the observed series; second, the rearrangement of the order of simulated data in the series to achieve target correlations; and third, the permutation of series for correlation adjustment between consecutive years. The method is non-parametric and retains, to a satisfactory degree, the properties of the observed time series at the selected simulation time scale and at coarser time scales. The new approach is tested on two case studies, where it is applied to the log-transformed streamflow and precipitation at weekly and monthly time scales. Special attention is given to the extrapolation of non-parametric cumulative frequency distributions in their tail zones. The results show a good agreement of stochastic properties between the simulated and observed data. For example, for one of the case studies, the average relative errors of the observed and simulated weekly precipitation and streamflow statistics (up to skewness coefficient) are in the range of 0.1–9.2% and 0–5.4%, respectively.