Based on catastrophe theory, an evaluation system of flood disaster-bearing bodies' vulnerability was constructed by indexes of the conditions of population, economy, lifeline engineering and environment. Then, the model was used to evaluate the vulnerability in Xiangqiao district in Chaozhou City of Guangdong Province during 2000 to 2010. The results showed that vulnerability in Xiangqiao district decreased in fluctuation, and it had two turning-points in 2004 and 2008, the main influencing factors of which were population growth and vegetation coverage rate. Several measures should be taken to reduce the vulnerability of flood disaster-bearing bodies in the study area, which include to control the increase of population, to increase the coverage of vegetation, and to increase the density of drainage pipe network.