This study aims to assess vulnerability and its correlates among refugees and asylum seekers in Italy. To do so, we employ firsthand data from the first Italian national survey on this population and construct a multidimensional vulnerability index. The index covers the dimensions of economic vulnerability, residential segregation, mental health, physical health and legal and social protection. We then employ a gamma regression model to investigate the association between the overall vulnerability index and socio-demographic and legal factors. Our results show that individuals granted lower levels of legal protection are significantly more vulnerable than those granted higher levels of protection. Furthermore, experiencing discrimination also significantly increases vulnerability. Noteworthy, we also find that women with lower levels of legal protection are less vulnerable than their male counterparts with the same legal status.