Drought is regarded as a slow-onset natural disaster that causes inevitable damage to water resources and to farm life. Currently, crisis management is the basis of drought mitigation plans, however, thus far studies indicate that effective drought management strategies are based on risk management. As a primary tool in mitigating the impact of drought, vulnerability assessment can be used as a benchmark in drought mitigation plans and to enhance farmers’ ability to cope with drought. Moreover, literature pertaining to drought has focused extensively on its impact, only awarding limited attention to vulnerability assessment as a tool. Therefore, the main purpose of this paper is to develop a conceptual framework for designing a vulnerability model in order to assess farmers’ level of vulnerability before, during and after the onset of drought. Use of this developed drought vulnerability model would aid disaster relief workers by enhancing the adaptive capacity of farmers when facing the impacts of drought. The paper starts with the definition of vulnerability and outlines different frameworks on vulnerability developed thus far. It then identifies various approaches of vulnerability assessment and finally offers the most appropriate model. The paper concludes that the introduced model can guide drought mitigation programs in countries that are impacted the most by drought.