The study investigated the perceived effect of climate change on forest dependent rural livelihoods in Oyo State, Nigeria with the view of identifying possible adaptation strategies. A total of 208 respondents were randomly sampled from Olokemeji and  Onigambari forest reserves in Oluyole and Ibarapa East Local Government Area (LGA), respectively. Data collected were analyzed using frequency distribution, percentages Chi square and PPMC. Result shows that major livelihood activities were farming (100.0%) and trading of forest products (92.8%). Respondents were vulnerable to climate change effects with respect to  undefined season (90.4%), shortage of food production (84.1%), reduction in crop yield (80.8%), pest and disease outbreak (77.9%) which affects their livelihood activities. Major adaptation strategies utilized were soil protection through tree planting (88.5%), planting of different varieties of NTFPs and TFPs (87.0%), practicing shifting cultivation (81.8%) and use of organic fertilizer (81.7%). Respondents’ use of weather insurance was sparing in the study area. Significant relationship existed between farm size (r=-0.257; p≤0.01), monthly income (r=-0.319; p≤0.01) and perceived effect of climate change. Adaptation strategies (r=0.309; p≤0.05) used was significantly related with perceived effect of climate change. Afforestation should be encouraged among forest dependent farmers in addition to adaptation  strategies utilised against climate change. The study recommends the need to educate farmers on the importance and benefit of weather insurance against financial loss due to climate change effects. Keywords: Climate change, livelihood activities, forest products