The Economy of Majuli is diversified and mainly dependant on self sufficient sectors. It has a rich and diverse agricultural tradition, growing as many as a hundred different varieties of rice, all without any kind of artificial fertilizer or pesticide. Kharif crop cultivators were uncertain due to flood inundation till construction of embankment, which now have protected the crops from floods where no breach opening is there. Rabi crop is more successful and people are very dependant on it. Main crops grown in Majuli are Rice, Maize, Wheat, other Cereals, Black Gram, Vegetables, Fruits, other food crops, Cotton, Jute, Castor, Sugar Cane etc.
Other sectors which are vastly prevalent in Majuli to uplift economic condition of people are Pisciculture: There are more than 60 large water bodies (Beels) with very rich catch of fish that provides livelihood to large number of Majuli inhabitants. Pottery: Majuli is famous for Potteries in entire valley for design and quality of their products and artifacts Boat making: Being a flood prone, rain fed and water Logged area the boat making is an age-old traditional business. Cattle farming/Dairy: Having huge pastureland cattle farming and dairying is one of the major sources of livelihood of the people. Handicrafts/furniture: Bamboo craft and cane works are main handicraft trades. Handloom: Women of Majuli are expert weavers and weave their own cloths. Mishing, women make a world famous fabric called "Mirizim" which is known for exotic designs and pleasing colour combination. Horticulture: With fertile land and suitable climatic condition, Horticulture is area of the economy, yet mostly non-commercial. Sericulture: Around 20 village entirely depends on Sericulture by producing raw silk, endi as well as value added products. Mineral Resources: It has been reported that oil India Ltd., has discovered oil in two wells in the Island thereby, enhancing the existing economic importance of this Island.