The province of Málaga is located in one of the Mediterranean regions most threatened by risks associated with water and the effects of climate change. This is recognized by European, state, and regional legislation and above all, this is clearly demonstrated by the increasingly frequent and intense torrential episodes, floods and droughts that directly affect the ecological, social, and economic environment of Málaga. Once the interference of urban development has been demonstrated during the last decades, the application of a checklist submitted to multicriteria analysis is proposed to evaluate the municipal capacities to face hydrological risks through their planning instruments. The results show the low integration of the existing theoretical and regulatory frameworks on hydrological risks, placing Málaga as a province with high institutional vulnerability to these risks.