Crop production under a smallholder system is challenged by several (a)biotic risks those resulted in livelihood insecurity. This study assesses farmers’ perceived vulnerability level to the crop farming risks and identifies its determinants using an integrated vulnerability analysis approach. Survey data collected from 393 sample households in West Shewa Zone, Ethiopia, were analyzed using PCA and ordered probit regression. Results indicate that 13 percent of the sampled households are highly vulnerable, 73.5 percent are moderately vulnerable and 13.5 percent are less vulnerable where 77 percent of the highly vulnerable groups faced more than 3 months lean season and 72 percent of the less vulnerable groups faced less than 3 months of lean season. Moreover, farming experience and education level of household head, livestock owned, farm size, on-farm diversification, access to credit, small scale irrigation, off-farming income, extension contact, and social capital are significantly affecting the perceived vulnerability level. These calls for need-based government and/or non-government intervention plans focusing on improving rural infrastructure and facilities and devising an effective and responsive institutional setup for enhancing the responsive capacities of smallholder farmers in the short-run and minimizing the likelihood of exposure and sensitivity in the long-run.