This paper studies rural transformations in Cambodia under the developmental regime that started in the beginning of the twenty-first century. Many scholars have depicted Cambodian agrarian society by contrasting lowland and upland in terms of people and livelihoods. However, with the rapid and diverse changes since the introduction of the market economy more than 20 years ago, many lowland populations have moved upland in order to explore new livelihoods based on cash crop cultivation. The remaining lowland people who traditionally engaged in rice growing and fishery are also seeking new challenges under the unique economic circumstances that include economic migrants to urban areas and abroad. In order to update the conventional understanding of Cambodian rural society and people’s lives under these changes, this paper examines information and data collected through household surveys conducted in 2016–18 at sample villages in five agroecological zones of Pursat Province: inundated lowland, unirrigated lowland, irrigated lowland, lowland-upland complex, and upland. By comparing the livelihood activities in different zones, this paper explores the uniqueness of rural transformations in each location and people’s struggle for a better life. The analysis also points out that the following factors are crucial to understanding rural transformations in the area: the development of connectivity; the impact of newly introduced modern technologies, including microfinance; and the deterioration of natural resources, such as fish and forestland.