Livestock plays an important role in the livelihoods of livestock farmers of developing countries through the provision of food, income sources, and assets. The International Livestock Research Institute (ILRI) has led global efforts on livestock research in developing countries, mainly in South and Southeast Asia and sub-Saharan Africa, and contributed to poverty alleviation and improvement of the health of people. During ILRI’s over 50-year history, its research priorities and orientations have evolved from animal breeding, production and health to approaches addressing various risks faced by resource-poor livestock farmers. This review highlights the research work implemented by three Japanese scientists, who respectively evaluated or proposed innovative solutions to distinctive risks faced by livestock, agricultural farmers, and consumers in developing countries. They are namely, (1) Index-Based Livestock Insurance (IBLI) to counter climate change risks, (2) mobile money to livelihood risks, and (3) participatory risk analysis to food contamination. This review then identifies and discusses areas of further research needed to improve the livelihoods of livestock farmers, then concludes by calling for international collaboration.