Vulnerability to floods and droughts is a complex and multidimensional phenomenon influenced by various factors. This systematic review paper focuses on communities’ vulnerability to floods and droughts. It presents an overview of the current knowledge on the topic, including definitions and conceptual frameworks related to vulnerability. The study synthesizes existing literature from various disciplines, including hydrology, climatology, geography, and social sciences, to identify key factors contributing to vulnerability and its impacts on communities, infrastructure, and ecosystems. Through a comprehensive analysis of 83 articles published between 2010 and 2023, this paper identifies themes, methodologies, and knowledge gaps in flood and drought vulnerability assessment. The findings reveal that vulnerability to floods and droughts depends on a range of factors, including physical exposure, socioeconomic status, governance, and cultural values. Most of the published articles have focused on regional-scale studies. There has been an increase in the number of vulnerability studies addressing this issue after 2019. Among the various methods analyzed, min-max normalization (52 % of articles) and equal weighting (27 %) were the most frequently used data normalization and aggregation methods. However, the paper identifies a significant research gap in the lack of sensitivity analysis or validation of the indices developed based on the most common parameters, such as population density, gender, income, and precipitation levels. It also emphasizes the need for true transdisciplinary approaches for a comprehensive assessment of flood and drought vulnerabilities. The systematic review concludes with a synthesis of core vulnerability indicators and recommendations for future research and policy directions aimed at reducing the vulnerability of communities to these natural hazards.