The !Khob !Naub Conservancy, registered and gazetted in 2003 is the largest of the four conservancies in southern Namibia. It is established with the purpose of introducing game to the area, protecting and managing game and other natural resources, exploring tourism development and attracting tourists as well as creating jobs and generating income. The Conservancy is run by the Conservancy Management Committee with the support of 10 support agencies comprises of government institutions and NGOs. There are also Conservancy Coordinator and eight Community Game Guards. The study was undertaken to assess and analyse the status of assets (natural, social, human, financial and physical) prior and current to the !Khob !Naub Conservancy establishment; to determine the impact of the Conservancy establishment on the community's asset base, livelihoods, and income streams; to assess the success and failure of the support agencies to provide livelihoods of community; and to make recommendations for future policies and programmes related to CBNRM in southern Namibia. Keywords: CBNRM, community participation, Conservancy Management Committee, Conservancy, support agencies, southern Namibia, assets.