Rain-induced landslides are recognized as one of the most catastrophic hazards on hilly terrains. To develop strategies for landslide risk assessment and management, it is necessary to estimate not only the rainfall threshold for the initiation of landslides, but also the likely magnitudes of landslides triggered by a storm of a given intensity. In this study, the frequency distributions of both open hillside landslides and channelized debris flows in Hong Kong are established on the basis of the Enhanced Natural Terrain Landslide Inventory (ENTLI) with 19,763 records in Hong Kong up to 2013. The landslide magnitudes are measured in terms of the number, scar area, volume, or density of landslides. The mean values of the scar areas and volumes are 55.2 m2 and 102.0 m3, respectively, for the open hillside landslides and 91.3 m2 and 166.5 m3, respectively, for the channelized debris flows. Empirical correlations between the numbers, scar areas, and volumes of hillside landslides or channelized debris flows and the maximum rolling rainfall intensities of different periods have been derived. The maximum rolling 4- to 24-h rainfall amounts provide better predictions compared with those with the maximum rolling 1-h rainfall. Maximum rolling rainfall intensity-duration thresholds identifying the likely rainfall conditions that yield natural terrain landslides or debris flows of different magnitudes are also proposed. The initiation rainfall thresholds are identified as 75, 90, 100, 120, 150, 180, and 200 mm for the maximum rolling 1-, 2-, 4-, 6-, 8-, 12-, and 24-h rainfall, respectively.