Climate change is unequivocal. Farmers are increasingly vulnerable to floods and drought. In this article, the negative impact of climate hazards on rice cultivation in the Tonle Sap and Mekong River influenced by climatic variability between 1994 and 2018 are analyzed. A cohort of 536 households from four Cambodian districts participated in household surveys designed to consider how various vulnerability factors interacted across this time series. It was found that: (i) The major climate hazards affecting rice production between 1994 and 2018 were frequent and extreme flood and drought events cause by rainfall variability; (ii) In 2018, extreme flood and drought occurred in the same rice cultivation cycle. The impact caused by each hazard across each region were similar; (3) An empirical model was used to demonstrate that drought events tend to limit access to irrigation, impact rice production, and result in an increased prevalence of water-borne diseases. Flood events cause reduced rice production, damage to housing, and impede children from accessing education. The impact of drought events on rice production was found to be more severe than flood events; however, each climatic hazard caused physical, economic, social, and environmental vulnerabilities. It is recommended that sufficient human and financial resources are distributed to local authorities to implement adaptation measures that prepare rice farmers for flood and drought events and promote equitable access to water resources.