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High‐resolution climate projections are critical to assessing climate risk and developing climate resilience strategies. However, they remain limited in quality, availability, and/or geographic coverage. The Seasonal Trends and Analysis of Residuals empirical statistical downscaling model (STAR‐ESDM) is a computationally‐efficient, flexible approach to generating such projections that can be applied globally using predictands and predictors sourced from weather stations, gridded data sets, satellites, reanalysis, and global or regional climate models. It uses signal processing combined with Fourier filtering and kernel density estimation techniques to decompose and smooth any quasi‐Gaussian time series, gridded or point‐based, into multi‐decadal long‐term means and/or trends; static and dynamic annual cycles; and probability distributions of daily variability. Long‐term predictor trends are bias‐corrected and predictor components used to map predictand components to future conditions. Components are then recombined for each station or grid cell to produce a continuous, high‐resolution bias‐corrected and downscaled time series at the spatial and temporal scale of the predictand time series. Comparing STAR‐ESDM output driven by coarse global climate model simulations with daily temperature and precipitation projections generated by a high‐resolution version of the same global model demonstrates it is capable of accurately reproducing projected changes for all but the most extreme temperature and precipitation values. For most continental areas, biases in 1‐in‐1000 hottest and coldest temperatures are <0.5°C and biases in the 1‐in‐1000 wet day precipitation amounts are <5 mm/day. As climate impacts intensify, STAR‐ESDM represents a significant advance in generating consistent high‐resolution projections to comprehensively assess climate risk and optimize resilience globally. Plain Language Summary: The STAR‐ESDM tool is able to quickly and accurately generate future climate projections for weather stations and high‐resolution grids anywhere in the world. It does this by breaking down global or regional climate model output into different components, from the long‐term trend to the day‐to‐day variability, then merging projected changes with observations. When tested against projections generated by a complex and computationally expensive dynamical global model, STAR‐ESDM produced almost the same output, even for extreme temperature and precipitation values, at a fraction of the computational cost. Moreover, unlike most statistical downscaling models, this method isn't tied to any specific geographic area or predictand and/or predictor data set. It can be applied to any regional or global data set, whether generated by a climate or reanalysis model, derived from satellite observations, recorded at weather stations, and more. As climate impacts escalate, STAR‐ESDM offers a flexible and effective way to generate the high‐resolution climate projections needed to better gauge climate risk and enhance resilience anywhere in the world where reliable observational or quasi‐observational data, including reanalysis or satellites, are available. This is particularly relevant to under‐resourced regions, which are often most vulnerable to climate impacts as well as most lacking in future projections. Key Points: STAR‐ESDM is a rapid, flexible and generalizable approach to bias‐correct and downscale climate model output to any finer‐resolution data setPredictors/predictands can be derived from global or regional models, satellites, reanalysis, gridded observations and weather stationsProjected changes in temperature and precipitation mirror those of a high‐resolution global model at a fraction of the computational cost [ABSTRACT FROM AUTHOR]