Using three waves of national representative household level panel data from Malawi, we examine two forms of adaptation to climate change: 1) adopting improved maize varieties and 2) adjusting input quantities and income sources. Our results indicate that climate change induces both forms of adaptation, though only the second appears relevant in determining climate change impacts on net revenue. Adverse trends in climate variables (increased temperature and rainfall variability, and reduced growing season rainfall) increase farmers’ reliance on income from subsistence maize production. Assets enhance a household’s capacity for adaptation to climate change by reducing reliance on maize-income.