There is a scientific consensus that concentrations of greenhouse gases in the atmosphere are increasing due to human activities, causing global climate change. Although substantial research has been undertaken to improve our understanding of complex and interwoven spheres of climate change, there are significant knowledge gaps regarding the understanding of impacts likely to result from significant changes to present patterns of climate. Using case studies of Zambia and Zimbabwe, this study uses both quantitative and qualitative methodologies such as a questionnaire survey, in-depth case studies, and participatory impact diagrams to collect data. Rainfall has been regarded as the most significant climate parameter affecting human activities. In this regard, this study investigates perceived impacts of droughts and floods on smallholder farmers. The study finds that farmers identify impacts of drought and floods on water, crop yields, human and livestock health, and other socio-economic factors. The study concludes that although impacts of climate change on farmers are overwhelmingly negative, there are positive impacts in the form of localized benefits on farmers in certain circumstances. Moreover, impacts on farmers are manifested in different ways, influenced by various factors, such as location and the socio-economic context, among others. The study, therefore, recommends that studies on impacts of climate change on smallholder farmers emphasizes on dissecting climate change impacts and on policy making that builds on the localized benefits from climate change.