Livestock is an important component of farming system in India. It is more popular among the marginal and small farmers as more than 62 per cent of marginal household directly associated with livestock sector. It has the potentiality to overcome poverty, household which are associated with livestock has less chance to fall into poverty. Rearing cattle and poultry also help to improve nutrition among children of the household as the output has great nutritive value and mainly use for consumption purpose. Gini coefficient of livestock sector was lesser than agricultural labourers and non-farm occupation, which supports the fact that livestock sector reduces income inequality. An increasing trend of different livestock population in recent years implies its popularity and support in providing sustainable income to farm families. Adoption of livestock population depends on a like farmer's experience, occupation, land, labour endowments and the surrounding socio-economic environment such as social group, access to credit, media, etc. The present study is made an effort to review the literature to understand the impact of livestock on poverty, income, employment and factors determining the adoption of the livestock.