Abstract. In developing countries, such as Pakistan, the food and financial security of smallholder farmers are increasingly threatened by climate change, contributing to considerable increases in input costs and market price volatility for agricultural commodities. This study aimed to identify and investigate factors contributing to smallholder farmers' vulnerability to climate changes and to develop vulnerability indices in Punjab province, Pakistan. Three different composite indices were used to assess the vulnerability of smallholder farmers to climate changes: Livelihood Vulnerability Index, Livelihood Vulnerability Index-Intergovernmental Penal on Climate Change, and Livelihood Effect Index. The weakness of social networks in Rawalpindi district is majorly important to enable the adoption of appropriate mitigating strategies. For both districts, lack of education had the highest effect on social vulnerability. Adoption of strategies towards mitigation of climate changes seems to be possible by the respondents in Chakwal district, with higher illiteracy rate, higher dependency ratio, and greater financial vulnerability. The natural and financial capital had the highest impact on the livelihoods of smallholder farmers in both districts. Ultimately, this research can provide a scientific basis for the decision-making process and risk analysis of climate change impacts in developing countries, where most of the smallholder farmers, as a major social group worldwide, are located.