Livelihood in developing countries draws grave attention to the climatic and anthropogenic stressors that contribute to risk the livelihood despite diversification, and thus wane people's adaptive capacity and capabilities to cope with unanticipated shocks. Following stratified purposive sampling techniques, a total of nine focus group sessions were performed at three island-chars of Mahishkhocha union in Lalmonirhat district, from February to May in 2013, and explores current livelihood practices and likely risks. The analysis explores evolving risks sprouted from climatic stressors including riverbank erosion, flooding, cold wave, erratic rainfalls and droughts that contribute to livelihood disturbances and slothful processes of sustainable livelihood renewal. The findings suggest that risks are compounded by anthropogenic stressors classifying into state and non-state engagements across manifold institutional scales and policy arrangements, providing insight for promoting rural livelihoods through different actors, formal and informal institutions. Despite challenges to addressing likely risks at different scales, this research demonstrates how public policies can elevate adverse conditions for the emergence of sustainable livelihood pathways.