Flood is a common catastrophe for Bangladesh. The combination of its geography, population density, and extreme poverty makes Bangladeshi people vulnerable to flood risks. This study is set forth to examine the poverty, risk and vulnerability for flood hazards. A cross sectional household survey was carried out two weeks after a flood had occurred in the year 2005. In total 600 rural households were interviewed in four districts selected through a three stage stratified random sampling technique. A utilitarian approach is used to assess flood vulnerability and its components: poverty, idiosyncratic and aggregate risks to capture the effect of flood on household’s welfare. To estimate the correlates of flood vulnerability, a set of fixed households’ characteristics is used as explanatory variables. The results depict that poverty and idiosyncratic flood risks are positively correlated and highly significant. Households with higher educated members, being male-headed and owner of a dwelling place have been found to be less vulnerable to idiosyncratic flood risk. Possession of arable land and a small family size can reduce poverty and the aggregate flood risk.