Livestock theft is common in many parts of sub-Saharan Africa. Experience of theft can deplete household assets and food resources. This article reports the findings of an exploratory study to investigate whether livestock theft patterns in Malawi reflect variations in the extent to which different animals are “CRAVED” (Concealable, Removable, Available, Valuable, Enjoyable, and Disposable), Clarke's mnemonic to explain preferences for items to steal. Measures of the elements of CRAVED were correlated with self-reported levels of theft for seven species of livestock using data from a cross-sectional, nationally representative survey of 11,280 households. Higher availability and disposability of livestock were significantly associated with higher levels of theft. Livestock displaying more CRAVED attributes were also stolen in greater numbers. The findings are cautiously interpreted as suggesting that livestock theft in Malawi is largely opportunistic. Implications from and for the application of CRAVED to livestock theft in Malawi are discussed.