Flood occurs repeatedly in Tana sub-basin and cause tremendous losses: property and life, particularly in the low land areas where Run-off coming from uplands is ponding. River Megech flood plain, in which this study of probable flood risk, vulnerability and hazard analysis focused on is one of the flood prone (vulnerable) areas of the Tana sub-basin found in North Gonder. Megech watershed has a catchment area of 73,770ha. In the study of vulenablity, hazard and risk in Megch River plain 2, 10, 50, 100 and 500-years return period flood frequency analysis was done by Gumbel method based on Maximum flow record of Megech river at Azezo station and also one dimensional hydraulic model HEC-RAS with HECGeoRAS interface in co-ordination with ArcView was used for the analysis. The results of flood frequency analysis by Gumbel method showed that the discharges were 101.97, 159.68, 217.39, 242.24 and 299.95m3/s for 2,10, 50 ,100 and 500- years flood return periods respectively. All so the area inundated by 2, 10, 50, 100 and 500-years flood return periods were 1328.39, 1336.41, 1341.27, 1343.18 and 1346.91 ha respectively. The classification of flood depth area showed , most of the flooding areas had water depth of 1-2.5m. The flood inundated area is significantly large percentage, ( 92%) that lied in dominantly cultivated area followed by moderately cultivated area, which is 8%. Since the flood water depth is >1m, the flood has great potential to cause damage on cultivated lands which significantly reduce food production to be evident that the area is vulnerable to flood and the risk is considerable. In some cases, insignificant damage to livestock and household property has been observed for the reason that the community exercise dry land grazing during rainy season(Move the cattle to non flooded areas) and has a mechanism built in the house, raised wooden framed Bed, where properties & people stay during maximum flood above the water level. In this case, people have to stay on the Bed until the water level goes down to normal. To tackle the problem of flooding, the watershed has been classified as: Flood generating area and flooded area to give recommendation as per the condition ( Physical & Biological). Otherwise establish early warning and secure food reserve