The degradation of the fragile wetland ecosystem can have deleterious impacts on the livelihood and well-being of the dependent communities. This study examines the livelihood vulnerability of fishing communities dependent on the Deepor Beel wetland in Assam, India. The livelihood vulnerability index (LVI) was developed by combining the components of exposure, sensitivity and adaptive capability. The relevant data for the selected indicators were collected through a field survey of 294 fishing community households of 14 surrounding villages of the wetland. The LVI analysis revealed high and moderate livelihood vulnerability of fishing communities in the wetland due to higher exposure and sensitivity. The study calls for policy intervention for sustainable development of fishing activities and prioritization for attaining livelihood security indicators. The livelihood vulnerability approach has proved valuable tool for assessing livelihood vulnerability and socio-economic development of fishing communities.