This research aims to analyze the vulnerability of productive agricultural livelihoods to the effects of climate variability in the Talgua watershed, Honduras. Information was collected through surveys and interviews with small producers and community leaders. A factor analysis (KMO test value 0.721; Bartlett’s test of sphericity (P > 0.000) was conducted to identify the relevant variables describing productive livelihoods, and vulnerability was analyzed according to the perception of small producers in the area. Coffee, corn and bean crops are the primary productive livelihoods in the area. Smallholders perceive exposure to climatic threats, such as rising temperature trends, rainfall fluctuations, and extreme events affecting crops and reducing yields. Climate adversities are dealt with through soil conservation techniques, planting season management and water harvesting. The predominant productive livelihoods are vulnerable to climate variability, which requires establishing an adaptation strategy with actions and alternatives that allow these families to cope with climate adversities.