The study was undertaken to investigate the contribution of livestock and poultry for income generation, employment opportunity and the alleviation of rural poverty. With the views in mind, 90 samples were collected through stratified random sampling from six villages of Mymensingh district. The study identified all categories household existed below income poverty line and the poverty gap were higher when livestock and poultry sources of income deducted. On the other hand, Cost of Basic Need (CBN) method, large and medium raisers existed above poverty line and marginal and small raisers existed below the expenditure poverty line. Benefit generated through raising livestock was highest in increase income and lowest for improve knowledge. Low price of livestock products, lack of improve breed and shortage of grazing land were identified as major constraints and possible steps have been suggested for overcome of that constraints with the help of local administration and livestock related development agencies.