Sericulture is one of the oldest farming practices, and it is an essential means of livelihood for farmers in India. In Maharashtra state, for the last decade, Osmanabad has been one of the leading districts in sericulture, and it has an important place in the economy of drought-prone regions. However, drought often leads to crop failures, exhaustion of groundwater levels, food insecurity, and uncertain income for small and marginalized farmers in the district. Therefore, diversification of agriculture through sericulture farming could effectively create employment opportunities and provide sustainable livelihoods to the farmers. The present study is designed to understand the role of sericulture farming in providing sustainable livelihoods for farmers, and it covers 150 farmers engaged in sericulture farming. The study found that sericulture farming has created employment opportunities, improved farmers’ economic conditions, and promoted women’s empowerment. The findings were presented using the Triple Bottom Line model of Sustainability.