This paper examines processes of rural transformation in Tanzania by tracing changes in wealth distribution, agricultural activity and livelihoods over a 20-year period. Based on long-term fieldwork in 1996-97 and shorter follow up visits in 2016 and 2017, we find that rural transformation in Morogoro and Ruvuma regions has been driven by agricultural accumulation and infrastructural improvement (roads, telecommunications, electricity, financial services, input distribution), counter to previous arguments suggesting a ‘Farewell to Farms’ in the country. On the basis of survey data and qualitative material (focus groups, participant observation, in-depth interviews, participatory wealth rankings), we find that agriculture-driven rural accumulation has been based on leveraging different crops (e.g. tomatoes, Irish potatoes, cashew nuts, oilseeds) in different locations. This has fed major housing quality improvements in all locations, more investment on children’s education (especially for girls), and substantial changes in the distribution of assets – from the pyramid-shaped distribution of the 1990s to a contemporary ‘pointed egg’ – indicating the emergence of a substantial rural middle class. Finally, we highlight the variegated trajectories of accumulation, marginal improvement, decline, and pauperism that characterise livelihood change in Tanzania and reflect on some policy implications.