The Srepok River is the largest river in the Central Highlands of Vietnam. The Buon Tua Srah hydropower project is one of seven hydropower plants sited in the river. The project has caused a number of impacts for farmers especially in the downstream areas. This study aims to understand the impacts of the Buon Tua Srah hydropower project’s on the livelihoods of downstream farmers, especially with reference to the Duc Xuyen and Nam N’Dir communes of Krong No district, Dak Nong province. The findings show that daily fluctuation in water levels due to releases from the dam has caused floods and soil erosion both in the dry and rainy season. Sometimes, farmers downstream do not have enough water for irrigation and daily activities because water is stored for generating electricity. Fish stocks have been declining due to fluctuations in water levels. The study results are useful for researchers and policy makers.