Bangladesh has some social safety net programs that transfer food to the poor, some that transfer cash, and some that provide a combination of both. This study evaluates the relative impacts of food and cash transfers on food security and livelihood outcomes among the ultra poor in Bangladesh. The programs impacts are evaluated according to various measures, including how well transfers are delivered; which transfers beneficiaries prefer; how accurately the programs target the extremely poor; effects on food security, livelihoods, and women’s empowerment; and cost effectiveness. The report identifies what has and has not worked in food and cash transfers and recommends ways of improving these programs. This study will be valuable to policymakers and others concerned with poverty reduction in Bangladesh and elsewhere.