Fragility is perhaps the concept that best represents the many uncertainties of our time related to different issues such as political and economic instability, energy and ecological transition, climate change, demographic and migratory dynamics. The article aims at conceptually clarifying the notion of fragility so as to try to differentiate it from other related notions such as that of vulnerability. It is pointed out that vulnerability is a notion that, unlike fragility, can be understood (in line of principle) entirely by means of risk analysis tools; and secondly, although both fragility and vulnerability can be regarded as ‘dispositions’, they belong to two different types.