Mr Cheney said the President was "dithering" and "waffling" on Afghanistan while American troops face constant danger.
The former number two in the White House has criticised Mr Obama before, but these are his strongest words yet.
It is convention that former presidents and vice presidents are not outspoken in their criticism of successors.
Dick Cheney also criticized the decision to cancel the missile shield for Europe.
He slammed Mr Obama's decision to abandon plans for a missile defence shield in Eastern Europe as "a strategic blunder and a breach of good faith".