This paper assesses the role of livelihood diversification in household adaptation to flood variability in the Okavango Delta, and locates it within the global discourse on adaptation to climate variability and change in developing countries. The contribution of livelihood activities to household income, level of livelihood diversity and the relationship between livelihood diversification and adaptation to flood variability was determined. Data from a survey of 623 households in five villages, focus group discussions and key informant interviews confirmed livelihood diversification as an important strategy for household adaptation to flood variability in the Delta. However, the household income portfolio was dominated by public transfers, underscoring the weak socio-economic status of the households and the effects of multiple shocks over and above flood variability. The study concludes that livelihood diversification and other household adaptive strategies may be sufficient for current flood variations, but may be inadequate for dealing with global climate variability and change in future.