Drought forecasting is important for drought risk management. Considering the El Niño–Southern Oscillation (ENSO) variability and persistence in drought characteristics, this study developed a wavelet and fuzzy logic (WFL) combination model for long lead time drought forecasting. The idea of WFL is to separate each predictor and predictand into their frequency bands and then reconstruct the predictand series by using its predicted bands. The strongest-frequency bands of predictors and predictand were determined from the average wavelet spectra. Applying this combination model to the state of Texas, it was found that WFL had a significant improvement over the fuzzy logic model that did not use wavelet banding. Comparison with an artificial neural network (ANN) model and a coupled wavelet and ANN (WANN) model showed that WFL was more accurate for drought forecasting. Also, it should be noted that the ENSO variability is not a global precursor of drought. For this reason, prior to an application of such a data-driven model in different regions, significant work is required to identify appropriate independent predictors. Drought forecasting with longer lead times and higher accuracy is of significant value in engineering applications.