In this article, we seek to develop a framework of childcare vulnerabilities experienced by children, parents and providers engaged in the formal, unregulated childcare market. Informed by vulnerability theorists who examine care work within the context of dependency and power relations, we explore the extent to which notions of vulnerability have been considered in childcare research. Five types of vulnerability from the literature – physical, emotional, economic, legal and racial – are mapped onto the experiences of children, parents and providers. We conceptualise an understanding of vulnerability as it relates to unregulated childcare, showing how vulnerability in this sector is compound, interrelated and structural, creating specific challenges.