In many developing countries wetlands play an important role in supporting the livelihood of both urban and rural communities. In rural areas wetlands are increasingly becoming a focal point of production and livelihood diversification due to their richness and the diverse options they provide. This paper explores the livelihood options provided by Simiyu wetland in Magu District, Simiyu Region, to the community living arround it using social survey methods. This paper is based on a study which shows that wetland farming is the main activity (75%) and significantly contribute to cash income generation, followed by livestock keeping, fishing and handicraft. The wetland is also important area for dry season food security, contributes to income generation in diverse ways, and serves as recreational area to the rural poor. While all these activities are taking place, and indeed sustain community livelihood, it is important to monitor the trend of use to ensure wise use and sustained benefits.