The vulnerability study of peasant livelihood are key to cafeauarding peasants to live and work in contentment and to promote new rural construction as well as the process of urban-rural integration. This paper summarizes the overall vulnerability of peasant livelihood based on relevant literature information, illustrates the effect of livelihood risk, livelihood diversity and livelihood sustainability on the vulnerability of peasant livelihood. At last, coping strategies are put forward aiming at providing reference for agricultural reforming promotion and rural poverty alleviation.