The historic environmental vulnerability of traditional villages (HEVTVs) is distinctly differentiated; however, the priority of relevant emergency management practices still lacks appropriate evaluation. This study proposes a new assessment system to quantify HEVTVs at the district level and an extended analysis of the influencing factors of adaptive capacity. This provides a basis to classify the emergency management of villages under geological hazard risks. Based on the coupled human–environment system, this research designed the assessment with three criteria, six factors, and 13 indexes from the perspective of HEVTVs. Furthermore, a demonstration test was conducted of 148 traditional villages in Lishui, China. The results showed that 64.19% of HEVTVs in Lishui were moderate or above, and that villages with very high vulnerability were mainly distributed at mid-elevation of mountains with strongly sloping terrain. In contrast, low-vulnerability villages were generally on plains at low altitudes. Furthermore, three high-vulnerability clustering groups were identified as critical improvement targets for which special zoning strategies should be proposed. Five influencing factors were found to be strongly related to the adaptive capacity, indicating a spatial variation of the impact intensity. This could be applied to streamline vulnerability optimization strategies according to local conditions.