Hydrodynamics and socio-economic impacts of compound floods as the result of co-occurring pluvial and fluvial floods, have not been well studied, which challenges conventional urban flood risk management that treats different types of floods separately. This study generates a high-resolution land surface digital surface model based on images from unmanned aerial vehicles, and incorporates it into a combined flooding model that integrates the 1D river hydrodynamic model, 1D urban drainage hydrodynamic model and 2D overland flow model, in order to simulate the inundation characteristics of extreme floods when local pluvial floods coincide with upstream fluvial floods, and in a further step to quantify the direct economic losses on urban physical systems. As demonstrated by an empirical study of Longyan, China, the combination of pluvial and fluvial floods leads to substantial exacerbation in inundation extent and depth. Consequently, the joining of pluvial and fluvial floods greatly amplifies economic losses to urban physical systems, indicating that ignoring co-occurrence of different types of floods will potentially lead to underestimation of flood risk and insufficient adaptation. Our study emphasizes the need to account for the co-occurrence of multiple types of floods in flood risk assessment and management, to avoid the shortcomings of fragmented responses.