Flood is one of the most destructive, frequent and widespread disasters in the world. It causes huge loss of lives, property and infrastructure, social and economic disruption, environmental degradation, etc in the affected areas. To reduce the negative effects and loss of life and property, appropriate measures need to be undertaken in due time. In any effective flood management, flood vulnerability and risk assessment play a vital role and indispensable to take appropriate preparedness and mitigation measures. Conventional means are not sufficient to assess the vulnerabilities and risks to flooding. Over the recent years, Remote Sensing and Geographic Information System (GIS) technologies are being increasingly used for effective disaster management all over the world. Satellite imageries have been found very useful in monitoring the extreme natural events, making rescue, evacuation and relief operations, estimating damages, etc. For efficient use of remote sensing and GIS in flood risk and vulnerability assessment, development of proper conceptual and methodological approaches is very important. In this paper, the authors focus on different conceptual and methodological approaches of flood risk and vulnerability assessment using remote sensing and GIS.