Nowadays, the importance of supply chain research in the agricultural sector is emphasized by numerous researchers. They believe that the supply chain is a key factor in maintaining the competitive advantage of farmers' products on the market. Therefore, the purpose of this study was to analyze agribusiness supply chain risk vulnerability with grounded theory approach in Hamadan province. The population was greenhouse owners which 14 of them were selected through a typical case purposeful sampling and revelatory case purposeful sampling method as the sample of the study. Semi-structured interviews were used as the research instrument. In this study, qualitative approach and the grounded theory method (including 3 stages: initial open coding, pivotal and selective stages) were used for risk identification. Initial open and pivotal coding included 40 concepts and 49 categories, respectively, that at the end, they were divided into four selective categories including product risk, supply, distribution, and customer in the form of internal and external risks for each one. In this study, the pivotal code in the grounded theory was product risk (internal and external risks). Therefore, the findings of this study suggest: A practical approach to risk management and supply chain vulnerability assessment.