Thai peasants have lived important transformations during the last three decades, and notably changes in the structure of income for a majority of households in favour of off-farm activities. Through the restudy in 2014 of two villages of the Khon Kaen province which had been subject to a socioeconomic survey in 1984-1985, the author offers a detailed review of these changes. By taking into account household debt, he challenges the view that the vast majority of Thai peasants would no longer face poverty.