This study examined how financial reforms impact financial system stability in Nigeria. Financial reforms constructs investigated include financial deepening, financial vulnerability, and interest rate spread. Secondary data covering the period of thirty years (30) were used for the study. The data were obtained from reputable and reliable government agencies. Aggregate financial stability index (AFSI) was computed to proxy financial stability. Ordinary Least Square (OLS) technique was used to determine the link between the selected constructs of financial reforms and financial stability in Nigeria. The study found that financial deepening positively and significantly impacted on financial stability. Financial vulnerability showed a negative but significant impact on financial stability. However, interest rate spread did not have any statistically significant impact on financial stability in Nigeria during the period examined. The study recommends that stakeholders in policy formulation and implementation should deploy the use of broad money management to ensure financial stability in Nigeria as well as constantly monitoring the ratio of financial assets and liabilities to the nation‘s real GDP to avoid jeopardizing the stability of the financial system.