China is in a period of rapid urbanization, which is forming a number of highly urbanized regional clusters, such as the Pearl River Delta region and the Yangtze River Delta region. The urban development has also profoundly changed the local environment, including local climate conditions, underlying topography, municipal & water conservancy facilities, which increases the risk of flood & waterlogging disasters. Due to the high concentration of population and industries in these areas, the loss of urban flood and waterlogging has also increased at an unprecedented rate. Therefore, it is of great significance to strengthen the analysis and evaluation of the characteristics and impact of flood & waterlogging disasters in highly urbanized areas. Based on the comprehensive analysis of domestic and foreign related studies, this study quantitatively analyzed the vulnerability of flood & waterlogging disaster-bearing bodies in highly urbanized areas of China, considering the characteristics of different disaster-bearing bodies, such as industry and commerce, surrounding agriculture, housing, traffic, lifeline facilities (like water, gas and electricity), etc. The disaster-causing mechanism and response of different disaster-bearing bodies to flood & waterlogging events were analyzed, and the mechanism curve of flood & waterlogging loss rate and submergence degree was established. The study on the quantitative method of vulnerability of flood disaster-bearing bodies in highly urbanized areas will provide theoretical support for dynamic assessment of flood & waterlogging disaster losses and it could also provide technical support for scientific flood control and disaster reduction in China for the future.