The chapter explores the economics of buffalo meat production systems with a focus on their significance in global and Indian contexts. Buffalo, often termed the “Black Gold” of livestock, plays a pivotal role in sustainable agriculture, food security, and poverty alleviation. Despite being primarily a dairy animal, buffaloes contribute substantially to global meat production through the utilization of surplus male calves and unproductive animals. This chapter presents trends in buffalo population and production globally and in India, highlighting their economic potential and adaptability to diverse climatic conditions. Emphasis is placed on India, the largest contributor to buffalo meat and milk production, showcasing its breed diversity, regional production trends, and export opportunities. Case studies, such as Punjab’s advanced production systems, underline the potential of strategic management in optimizing buffalo’s dual-purpose utility. The analysis underscores buffalo’s transformative role in rural economies, with prospects for further advancements through policy support and scientific interventions.