Bangladesh is one of the most disaster-prone countries in the world. In particular, its riverine-island (char) dwellers face continuous riverbank erosion, frequent flooding, and other adverse effects of climate change that increase their vulnerability. This paper aims to assess the livelihood vulnerability of riverine communities by applying the Intergovernmental Panel on Climate Change (IPCC) vulnerability framework and the livelihood vulnerability index (LVI). Results indicate substantial variation in the vulnerability of char dwellers based on mainland proximity. The main drivers of livelihood vulnerability are char-dweller adaptation strategies and access to food and health services. The study further reveals that riverbank erosion, frequent flood inundation, and lack of employment and access to basic public services are the major social and natural drivers of livelihood vulnerability. Char-based policy focusing on short- and long-term strategy is required to reduce livelihood vulnerability and enhance char-dweller resilience.