Production objectives, management levels, production and reproduction performances, marketing and consumption aspects are the major broad parameters that can determine the benefits obtained and efficient utilization of sheep and goat resources. Hence, a better understanding of such variables is necessary to ensure sustainable production and maintain flock replacement. In addition, such understanding can result in exploitation of opportunities for development which could be technically feasible, economically viable and socio-culturally acceptable for the farmers. Besides, an overall improvement of the sub-sector cannot be achieved without the understanding of the above issues in relation to the existing farming systems in anywhere in the world. As it revolves on these major issues, this work provides important information for students, scientists, governmental and non-governmental organizations, institutional policy and decision makers, who are particularly interested in the development of sheep and goats.