A review of performance of the swamp buffalo concerning reproduction traits, growth and carcass, milk production, and work capacities was presented. The potential for breeding improvement of certain traits was discussed. Breeding objectives and goals to suit the need of buffalo farmers was emphesised. Breeding of swamp buffalo for draft and for multi-purpose was discussed. Genetic selection and crossbreeding of the swamp buffalo were reviewed. It was proposed that genetic selection for weight and gain should improve meat production. Crossing swamp buffaloes and riverine buffaloes, despite differences between karyotypes of the river and swamp buffaloes, resulting F1 crossbreds were found which are grown significantly faster than the swamp buffalo and produce milk three to four times more than the native swamp parents. It was also demonstrated that males and females of F1 crossbreds (2n = 49) were fertile. Based on the analyses of breeding and performance records, it is not recommended to pursue F1 x F1 mating and recommended backcrossing with the riverine type. From the above point of view, the future will see sustained and more intensive efforts to pursue the goal of transforming genetically the traditionally draft animal to producer of milk and meat and eventually establishment of viable and progressive buffalo-based enterprises.