A distinctive homestead-based food production system in Bangladesh provides opportunity for a number of economic activities to be undertaken in an around homesteads. The study attempts to conduct an economic analysis for homestead-based food production system. The research was conducted in six villages of Gazipur Sadar and Kaliganj Upazila under Gazipur District and it covered all a sample of 60 households. The samples were selected through purposive sampling technique. The purpose of the study was to determine the impact of homestead-based food production system on livelihood of the resource poor farmers. Descriptive analysis and multiple regression model were employed to achieve the main objectives of the study. Various enterprises were combined within a homestead-based food production system. This study indicated the total output, marketable surplus and also family consumption from individual enterprise. The results indicated that the gross return and net return per household from vegetable production were Tk. 2343.085 and Tk. 614.14, fruit production Tk. 2673.27 and Tk.879.53, cattle rearing Tk. 5992.96 and Tk. 2024.11, goat rearing Tk. 2482.98 and 1549.53, poultry rearing 660.46 and 285.68, duck rearing 813.47 and 429.99, fish culture Tk. 2651.11 and Tk.1758.37, and pigeon rearing were Tk. 2395.65 and Tk. 1409.79. Four explanatory variables like non-farm income, vegetable cultivation, fruit production and livestock rearing were considered for multiple regression model to identify the impact of these factors on total family income. Most of the variables included in the model such as nonfarm income, fruit production and livestock rearing had positive and significant impact on total family income. The study showed that homestead-based food production system facilitated different types of positive impact on livelihood asset. This also confirmed a greater involvement of women in homestead-based food production system as well as decision making activities. It was revealed that the improvement of homestead-based food production system also improved the quality and status of women in the pursuit of decision making process as well as increase in farm income. Various constraints were identified in the study. The system could be improved by efficient management practices, extension services, farmers training, supply of agricultural inputs and designing new programme according to the availability of farmer’s resource for sustainable production.