Fear of crime can lead to lower satisfaction with life and subjective well-being. The indicators of fear of crime vary from the social and cultural context, and the hukou (household registration) status causes unequal rights between local hukou and non-local hukou residents in China. To improve people’s perception of safety, this study takes hukou as an indicator of social vulnerability and examines the relationship between hukou, perceived neighborhood conditions, and fear of crime in China. A binary logistic regression model was used to analyze the 1727 residents garnered from the 2016 Project on Public Safety in Guangzhou Neighborhoods (PPSGN) in Guangzhou, China. The results show that women, victimization experience, physical and social disorder, and neighborhood policing are associated with residents’ fear of crime. Although hukou status has no statistically significant effect on fear of crime, hukou status significantly moderates the influence of perceived neighborhood conditions on fear of crime. That is, perceived neighborhood conditions’ effects on fear are conditional on one’s hukou status: non-local hukou, perception of the social disorder has more of the detrimental effect on fear, and perception of social integration has less of the helpful effect on fear. In sum, this study adds to the international literature by revealing the conditional effect of the hukou on fear in a Chinese city.