The scale and intensity of acquiring land by finance-rich resource-poor countries for food, fuel and other purposes has increased dramatically after global food, fuel and financial crises of 2007-08, and is still underway at considerable pace. Recent estimates for “land and water grabs” include 41 million hectares of land and about 490 Km3 of water. Land acquisition by foreign countries is also on the rise in Pakistan, however, there are little empirical evidence available on this very important issue in Pakistan. So far, no comprehensive research is conducted in the country regarding the impact of transnational land acquisition (TLA) on rural livelihoods and rural development and only few media reports on some aspects of this phenomenon are available. This Ph.D. research project was designed to fill this research gap. It is an attempt to systematically understand TLA process, its impact and transformation of rural livelihoods in a context of increasing pressure on land and other natural resources in Pakistan. This research assesses and analyzes the differentiated impact and political economy of two cases of TLA in Pakistan by using sustainable livelihood framework, complemented with the concept of “power of exclusion” and “agrarian political economy”.First case is of seasonal land acquisition for hunting of Asian Houbara bustard on a sloppy large tract (Pachadh) of South Punjab (Case study-I), Pakistan, and second case is of land acquisition for Rhodes Grass production by UAE based company at Mirpur Khas, Sindh, Pakistan (case study-II). Mixed method design was used in the research. In addition to personal observation and secondary data, 420 quantitative interviews, 33 focus group discussions and 32 key informant interviews were conducted. Study found that there was an important intermediary role of local government officials and prominent politicians in the process of TLA and other relevant decision-making process at village and tehsil levels which significantly shaped outcomes of land acquisition. At micro level, poor segments of society such as herders/mobile pastoralist, women, agricultural labor and landless farmers were the most excluded groups regarding TLA while elite social groups have increased access to positive outcomes of TLA. Dispossession in both case study areas was obvious and has long-term impact on three main natural assets (land, rangeland and water) of the respondents. Limited access to water and livestock fodder has some long-term negative livelihood consequences. No significant positive impact of TLA on rural livelihoods and rural development was found. Agrarian transformation in case study-II (Sindh) was obvious where previous land users become paid laborers and land use was greatly changed from domestic exchange and/or household consumption to commodities for export. Almost all respondents disagreed on the decision of granting land to foreigner in both case studies. In case study-I, a continuous resistance, violent in some cases, existed. These resistances were both formal (via courts) and informal (violent protests). However, despite several attempts, people did not achieve any noticeable success mainly due to tribal structure and powerful “opponents”. Provision of drinking water supply, development of Rodh-Kohi system and cancellation of TLA recommended actions for case study-I (seasonal land acquisition in South Punjab) while proper land distribution among local people and cancellation of TLA contract were some recommended actions for the case study-II. It is recommended that land enclosure in case study-I (South Punjab) should be restricted to a limited area for a limited time, and an effective monitoring and evaluation system should be developed by the government. In case study-II (Rhodes grass production in Sindh), the policy to grant land to foreigners should be reviewed by the government. Farmers’ effective adaptability to the dynamic changes caused by TLA is necessary, hence a more active role of Agricultural Department (Extension) is also recommended.