In the contemporary market driven economy, livestock and poultry has the prospect to improve socio-economic conditions of the rural households. The main objective of this paper is to know about the improvement of socio-economic conditions of the rural farming community whose livelihoods depend on livestock and poultry. Livestock and poultry have been playing a significant role in socio-economic development of farming community. Livestock sector including poultry has good positive impact on improvement of income and employment generation of the rural households of Nagaon and Morigaon districts of Assam. It also reduces poverty significantly in rural areas of Nagaon and Morigaon districts of Assam. In this study area, more than 75 percent of the rural households own livestock and a majority of livestock owning households are small, marginal and landless households. Due to low requirement of initial investment and operational costs, the landless and marginal rural households have tried to earn their livelihood through livestock and poultry.