The livelihood sustainability of the Rohingya refugees relocated in Bhashan Char, Bangladesh, has been questioned by various international stakeholders due to the remoteness and perceived vulnerabilities of the island. The Bangladesh government, a few international organizations, and some non-government organizations are working on developing livelihood opportunities in there. But there is scarce study about the livelihood opportunities and challenges of the Rohingyas living there. This study explores the vulnerabilities and livelihood opportunities of Rohingyas in Bhashan Char so as to help increase their resilience. The vulnerabilities include natural, geographical, and climatic shocks and stresses (e.g., cyclone, floods, storm surge, sea-level rise, geographical position). However, there are ample opportunities for their livelihood development, despite some challenges which can be overcome with concerted efforts. The opportunities include intensification and extensification of livelihood activities, such as modern agriculture, fish farming, livestock rearing, small business, handicraft, fishing net mending, crab fattening, biofloc aquaculture, and fish cage culture, but turning these opportunities into reality requires sufficient investment and internationally positive attitude. Better shelter, better disaster preparedness, cultural practices, education, and skill development can increase their capacity to bounce back, absorb shocks, and make them more resilient. National and international humanitarian organizations should plan to enhance the resilience of the Rohingya communities living in Bhashan Char and the island itself so that they can sustain in the long run, even after their anticipated repatriation to Myanmar.