In order to scientifically evaluate vulnerability of heavy rainfall and waterlogging in subway Stations, determine the sensitivity index as well as improve the management level of the heavy rainfall and waterlogging in subway stations, an evaluation method based on IOWA-VAC was proposed. Firstly, an evaluation index system was constructed based on Pressure-State-Response (PSR) theory. Then, the index data was reordered in ascending order by using the IOWA operator, and the final weight of the new data was obtained by introducing coefficients θ to dynamically adjust the interval boundary weights. The Vector Angle Cosine (VAC) was introduced to test the closeness of the consistency between the target score vector to be evaluated and the ideal target vector, so as to realize the transformation from algebraic thinking to spatial geometry thinking, and the target grade to be evaluated was obtained. Single factor sensitivity analysis was used to determine the sensitivity index. The practicability of the evaluation model was verified by taking the Yansi station of Zhengzhou Metro Line 5 construction projects as examples. The results show that the vulnerability level of the Yansi station of Zhengzhou Metro Line 5 is Ⅳ, with high risk. Thus, it provides feasible suggestion for vulnerability management of heavy rainfall and waterlogging in subway stations.