The concept of vulnerability put forward in the 1960s and the potential vulnerability of the 21st century has gradually developed into an independent new science. Vulnerability research has become the basis for assessing states of development and the criteria for measuring future development plans. This study used previous reports on vulnerability research from China and the rest of the world to review the origin and development of the concept of vulnerability, and the qualitative and quantitative methods for vulnerability assessment. Furthermore, this study scientifically reviewed recent progress in vulnerability research since the beginning of the 21st century, by assessing current evaluation methods, the influence of human activities, multi-scale fine evaluation, multi-source data mining, and the key elements threshold definition. A comprehensive analysis of the mechanism underlying vulnerability evolution was also undertaken. The study found that vulnerabilities research has progressed rapidly since the beginning of the 21st century and that the main features are diversification, multiple angles, refinement, and synthesis. Progress in these areas has led to method and data diversification; multi-angle analyses of transverse spatial correlation and longitudinal time series; multi-scale fine evaluation; and research on the key factor threshold and the mechanism that drives the development of vulnerability. Future studies should effectively strengthen the basic theory and vulnerability mechanism, investigate the processes and mechanisms underlying coupled systems, explore evolutionary mechanisms for vulnerability, scientifically define the thresholds for key elements of system vulnerability, and extract information from multi-source remote sensing data. In addition, vulnerability research should aim to carry out a dynamic evaluation of system vulnerability and use space-time analysis to quantitatively evaluate vulnerability and current comprehensive practice. The research results reported in this review will inform and improve national and regional sustainable development strategies.