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Bangladesh and Nepal lie between the Himalayas and low-lying coasts of the Bay of Bengal and are traversed by hundreds of rivers and tributaries. Historical data shows that, since 1970, the scale, intensity and duration of floods have increased in Bangladesh and Nepal, causing grave human suffering; disruptions in normal life and activity, damages of infrastructure, crops and agricultural land with severe impacts on the economy. Bangladesh is affected by torrential rain, glacier melt, upstream water flow and tidal surges. In 1988, Bangladesh experienced one of the most severe floods of the twentieth century which aroused significant concern internationally and triggered the Bangladesh Action Plan for Flood Control. The Government of Bangladesh (GOB) has so far constructed a number of flood shelters and carried out 482 water and flood control projects involving flood protection embankments, drainage channels, sluice gates and regulators on different rivers and canals. These also provided safety measures against inundation by tidal waves, storm-surges and flooding. The Terai region of Nepal is highly prone to hydrological risks including torrential rain, floods, glaciers resulting in erosion and landslides. The Government of Nepal (GON) has implemented different mitigation measures mainly early warning awareness, rescue measure, relief, and post-flood rehabilitation programs etc. Disaster Management Bureaus of both the countries have already conducted many trainings, workshops and seminars to disseminate scientific knowledge and coping up practices to disaster managers and to create public awareness. Besides the contemporary approaches to mitigating flood effects, people of these countries have coped with floods through generations relying on traditional/indigenous knowledge and other local adaptation practices. It is crucial that along with scientific process, indigenous, traditional and conventional practices are to be integrated for a national and regional policy and this should be achieved through a participatory process that engages policy makers and relevant stakeholders. This paper has analyzed the vulnerability to floods, impacts and the coping strategies in Bangladesh and Nepal and focused on recommending a long-term mitigation policy.