The ecological protection and high-quality development of the Yellow River Basin has become vital to the great rejuvenation of China. The coordination of human land system and the high-quality development of agriculture and rural areas are important contents of the high-quality development of the Yellow River Basin, which are also the connotation rooted in the implementation of the strategy of urban-rural integration and Rural Revitalization. However, under the background of changeable climate, abnormal flood and drought disasters, the livelihood of farmers in the dryland area of the Yellow River Basin, which depends on agriculture for living, is facing an unsustainable threat. At present, it is urgent to evaluate the influencing factors of the livelihood vulnerability of farmers based on the level difference, and establish the sustainable livelihood of farmers, which can provide reference for consolidating the achievements of poverty alleviation and solving relative poverty. Therefore, this paper takes Weibei dryland of the Yellow River Basin as an example, based on the comprehensive evaluation and rank of livelihood vulnerability index, the key factors affecting farmers' livelihood vulnerability were analyzed by using ordered logistic regression, and the rank of importance was conducted by using Shapley value decomposition. The results show that:(1) off-farm households and agriculture-dependent households account for the majority of the research samples. From the three dimensions of vulnerability, pure agriculture households have the highest exposure level, the lowest sensitivity, and off-farm households have the highest adaptability. (2) The ordered regression results show that the quantity of cultivated land, the quality of cultivated land, the structure of houses, the quantity of family fixed assets, the trust of villagers and the overall health status have a significant impact on farms' livelihood. (3) According to the decomposition of Shapley value, the order of the livelihood capital is:physical capital > human capital > social capital > natural capital. Among the components of all kinds of capitals, the number of family fixed assets has the highest contribution, followed by the overall health status, and the contribution of villagers' trust, cultivated land quality, housing structure and cultivated land quantity decreases in turn. It is suggested to strengthen technical training and popularize modern farming technology, improve the social security system and infrastructure security, carry out government projects or encourage farmers to establish agricultural cooperation organizations to reduce the livelihood vulnerability of farmers.