Reviewing both conceptual and empirical studies on climate vulnerability and adaptation assessment, this paper offers an analytical framework to help better understand how context-specific adaptation strategies could be developed. The framework systematically assembles the Sustainable Rural Livelihoods and the Vulnerability Assessment frameworks to develop its structural and analytical components. The resulting five-step approach involves: (i) identification of context along with understanding what aspect of vulnerability need to be studied; (ii) assessment of livelihood exposure to climate impacts involving both community perspectives and meteorological data-based climate forecasts; (iii) characterization of available capital asset usages to help buffer climate sensitivity; (iv) analysis of formal and informal institutional impetus to enhance adaptive capacity; and (v) evaluation of gaps between context-specific vulnerability and institutional and policy responses to avoid maladaptive trajectories. Drawing on published research and policy documentation, we apply the framework to the livelihood systems operating in the northeastern floodplain community of Bangladesh to demonstrate the utility of the approach and then discuss its potential to inform adaptation strategies.