Abstract: The urban heat island (UHI) phenomenon gets intensified in the process of urbanization, which increases the vulnerability of urban dwellers to heat waves. The UHI-induced vulnerability to heatwaves has increased in Bangladesh during past decades. Thus, this study aims to examine the UHI and vulnerability to heat waves in the city of Dhaka using a heat vulnerability index (HVI). The HVI is constructed using various demographic, socioeconomic, and environmental risk variables at thana level. Principal component analysis (PCA) was applied to the 26 normalized variables for each of the 41 thanas of Dhaka to prepare the HVI. Result shows that more than 60% of the city is under built-up areas, while vegetation cover and water bodies are in low proportion. Analysis of HVI shows that the very high- and high-risk zones comprise 6 and 11 thanas, while low- and very low-risk zones comprise only 5 and 8 thanas. The correlation of HVI with variables such as exposure (0.62) and sensitivity (0.80) was found to be highly positive, while adaptive capacity had a negative correlation (−0.26) with the HVI. Findings of this study can be utilized in the mitigation of UHI phenomenon and maintaining the thermal comfort of Dhaka.