In the context of climate change, research on extreme climates and disaster risk management has become a crucial component of climate change adaptation. Local communities, which have been facing extreme climates for a long time in their production and daily life, have developed some locally applicable traditional knowledge that has played an important role in their adaptation to extreme climate and disaster risk management. Therefore, this research aims to link Local knowledge (LK) to community extreme climate disaster risk management in order to construct a conceptual model. It then takes the extreme climate adaptation strategy of traditional nomads in a temperate grassland of China as an example to analyze the role of LK in extreme climate adaptation using the proposed theoretical framework. The main research objectives of this study are: (1) To construct a conceptual model to illustrate the relations among extreme climate events, risk management, LK, and farmers′ adaptation strategies; (2) To apply the theoretical framework to a field case to reveal context-specific extreme climate adaptation mechanisms with LK as a critical component; (3) To test the framework and provide suggestions for the extreme climates adaptation, and the conservation of LK related to climate change adaptation. The results show that from the perspective of disaster risk management, local communities could manage extreme climates as a disaster risk through adaptation strategies formed from LK, because as a knowledge system, LK contains relevant knowledge covering the whole process of disaster risk management.