The benefits of agricultural research are examined in an ex ante consumer-producer surplus framework for four agricultural sub-sectors-crops, livestock, forestry and fisheries-and for the agricultural sector as a whole in Bangladesh. The results are based on the analysis of data obtained from 240 researchers of Bangladesh agricultural research system and other secondary sources. The projected internal rates of return to research indicate substantial returns to public investments. The analysis reveals that government continues to underinvestt in agricultural research and that scope remains for the government and donors to invest more.