Dhaka, the capital of Bangladesh, is one of the world's densest and fastest-growing cities. Millions of people from around the country are driven to the city due predominantly to frequent natural calamities, social unrest, and economic downturns elsewhere. Along with the rural–urban migration, limited housing affordability has increased the number of urban slums. In such areas, the housing conditions of households are influenced by the diverse range of livelihood assets they possess. In the growing body of literature, studies quantifying the sustainability of the livelihoods of slum dwellers are scarce in the context of Dhaka city. Hence, this study attempts to assess the sustainable livelihood level of urban slum dwellers based on the Sustainable Livelihood Framework. The research was conducted in the Korail slum, one of the largest slums of Dhaka Metropolitan City. The five “capitals” within the framework were sub-categorized into several factors and scored following the Likert scale. Finally, the relative strength of the categories was quantified. The findings will be helpful for policymakers and stakeholders in developing an equitable and sustainable urban community. Furthermore, such an understanding of the inequality and deprivation of this population is necessary to achieve SDGs goals 10 and 11, which directly impact the making of sustainable and inclusive communities.