This study focusses on identifying a set of representative future climate projections for the Upper Indus Basin (UIB). Although a large number of GCM’s predictor sets are nowadays available in the CMIP5 archive, the issue of their reliability for specific regions must still be confronted. This situation makes it imperative to sort out the most appropriate, single or small-ensemble set of GCMs for the assessment of climate change impacts in a region. Here a set of different approaches is adopted and applied for a step-wise shortlist and selection of appropriate climate models for the UIB under two RCPs: RCP 4.5 and RCP 8.5, based on, a) range of projected mean changes, b) range of projected extreme changes, and c) skill in reproducing the past climate. Furthermore, because of higher uncertainties in climate projection for high mountainous regions like the UIB, a wider range of future GCM climate projections is considered by using all possible future extreme scenarios (wet-warm, wet-cold, dry-warm, dry-cold). Based on this two-fold procedure, a limited number of climate models is pre-selected, out of which the final selection is done by assigning ranks to the weighted score for each of the mentioned selection criteria. The dynamically downscaled climate projections from the Coordinated Regional Downscaling Experiment (CORDEX) available for the top-ranked GCMs are further statistically downscaled (bias-corrected) over the UIB. The downscaled projections up to year 2100 indicate temperature increases ranging between 2.3 °C and 9.0 °C and precipitation changes that range, from a slight annual increase of 2.2% under the drier scenarios, to as high as 15.9% for the wet scenarios. Moreover, for all scenarios, the future precipitation will be more extreme, as the probability of wet days will decrease, while, at the same time, the precipitation intensities will increase. The spatial distribution of the downscaled predictors across the UIB also shows similar patterns for all scenarios, with a distinct precipitation decrease over the south-eastern parts of the basin, but an increase in the northeastern parts. These two features are particularly intense for the “Dry-Warm” and the “Median” scenarios over the late 21st century.