Earthquakes have caused huge infrastructural damages along with loss of lives in the recent past. Continuous subduction of the Indian plate beneath the Eurasian plate has made Pakistan a seismically active region in the world. Malakand, located in the Khyber Pakhtunkhwa Province of Pakistan, is declared at high earthquake risk by the National Disaster Management Authority of Pakistan, warranting a seismic vulnerability assessment study for its existing building stock. Vulnerability assessment of a representative sample of different building use-types was carried out using the rapid visual screening (RVS) procedure of FEMA P-154. The sample size was calculated based on Yamane formula. RVS sheets are used to calculate structural scores, and likely seismogenic damage is depicted as a function of damage grades of European Macro Seismic Scale. Of the building stock inspected, it was observed that almost half of the buildings fall in damage grade 4 and 5, implying a strong probability of heavy structural and non-structural damages in the case of future earthquake occurrence. Government school buildings were found to be less vulnerable than private counterparts. Most of the commercial buildings were not constructed according to building code, making them highly susceptible to damage. Based on the results of vulnerability assessment of building structures, the article recommends implementation of building codes which can lead to a decrease in infrastructural damages and economic losses in the wake of a future seismic event.