Abstract: The failure rate of migrant workers returning home for entrepreneurship is affected by many factors. However, in the final analysis, the reason lies in the high vulnerability of migrant workers returning home for entrepreneurship. The existing research lacks the exploration of the connotation of the vulnerability of migrant workers returning home for entrepreneurship. In view of this, by systematically combing the previous literature, based on the relevant concepts such as vulnerability, liability of newness and entrepreneurial resilience, the theoretical connotation of migrant workers’ vulnerability to return home for entrepreneurship is defined. From the three levels of micro, meso and macro, the dimensions of migrant workers’ vulnerability to return home for entrepreneurship are identified and analyzed, thereby further laying the foundation for the mitigation mechanism and countermeasures of migrant workers’ vulnerability to return home for entrepreneurship.