Bangladesh is one of the most vulnerable countries to climate change in the world. In general, Charland (Riverine Island) communities are frequently affected by floods, riverbank erosion, and other climatic hazards, which cause many to lose their sources of livelihoods and properties and making them more vulnerable. Using survey data of 262 rural households, this study investigates the extent of livelihood vulnerability to climate change and natural hazards of the Charland communities by applying the climate change vulnerability index (CVI) (i.e. UN-IPCC vulnerability framework) and the livelihood vulnerability index (LVI) to develop context-specific interventions for building climate and livelihood resilience. The two approaches of vulnerability assessment were modified to incorporate local contexts and indigenous knowledge into 41 sub-components. The result shows that LVI and CVI values are different between Charland communities. The LVI index shows that households in Char Jotindro-Narayan (0.148) are more vulnerable than Char Kulaghat (0.139). The CVI values for Char Jotindro-Narayan (0.633) are slightly lower than for Char Kulaghat (0.639). The major vulnerability factors were identified as the social networks, food self-sufficiency, natural disasters, and climatic variability. The study also indicates that flood, riverbank erosion, unemployment, and access to communication, market, and basic service opportunities are the major biophysical and socioeconomic factors determining livelihood vulnerability. The context-specific sustainable policies and development initiatives are required to improve the adaptive capacity of Charland communities across Bangladesh and thereby building their climate and livelihood resilience.