This paper proposes an interpolation model for monthly rainfall in large areas of complex orography. It has been implemented in the Iberian Peninsula (continental territories of Spain and Portugal), Balearic and Canary Islands covering a territory of almost 600.000 km2. To do this a data set that comprises a total number of 11,822 monthly precipitation series has been created (11,042 provided by the Spanish Meteorological Agency and 780 provided by the National Water Resources Information System of the Portuguese Water Institute). The data set covers the period from October 1940 until September 2005. The interpolation model has been based on the assumption of two different components on monthly precipitation. The first component reflects local and seasonal characteristics and 24 different mean monthly precipitation maps (12) and SDs maps (12) compose it. It considers the varying influence of physiographic variables such as altitude and orientation. The second precipitation component reflects the synoptic pattern that dominated each month of the series and it is composed by series of anomalies of monthly precipitation (780). Anomalies have been interpolated by means of ordinary kriging once local spatial continuity was assumed. Gridded maps of each variable have been developed at 200 m resolution following a hybrid methodology that implements two different interpolation techniques. The first technique applies a regression analysis to derive maps depending on altitude and orientation; the second one is a weighting technique to consider the non‐linearity of the precipitation/altitude dependence. Cross validation has been applied to estimate the goodness of both techniques. Results show an average annual precipitation of 655 mm/year. Although this figure is only 4% less than the estimate of MAGRAMA (2004), regional and local differences are highlighted when the spatial distribution is considered. The model constitutes a comprehensive implementation considering the availability of historical records and the need of avoiding slow calculations in large territories.