Identification and analysis of farmers’ vulnerability associated with their risk aversion degree is one of the necessary requirements for planning and reducing impacts of drought in Iran. So, this study was investigated three risk vulnerability parameters (economic, social and technical) among wheat farmers categorized in accordance with their risk aversion degree in the Mashhad County (Iran) between drought years of 2009-2011. Vulnerability parameters were determined by Delphi technique. For measuring vulnerability and risk aversion degree, formula of Me-Bar and Valdes and method of Safety First Rule were applied respectively. Findings revealed that in social vulnerability indicators; education level, collaboratively farming activities and dependency on government and in technical vulnerability; irrigation method, cultivation method and type of cultivation; risk averse farmers have had the highest vulnerability level under drought conditions. While respecting economic vulnerability, risk neutral farmers (in insuring for crops, sale prices of crops and the type of land ownership), have had the highest vulnerability level.