Uganda is endowed with a wide diversity of wild plant species that can be commercialized for livelihood enhancement and poverty reduction. These wild plants are increasingly becoming a valuable source of livelihoods for many people through household use as well as trading as medicine, food and craft materials. However existing literature on commercialization of wild food and medicinal plants in Uganda is largely anecdotal and disjointed. In this review, we analyze available literature on importance of wild plants in sustaining people’s livelihoods, value chains as production and marketing approaches in commercialization of wild plants, the demand and supply for wild plants products and its implication for commercialization of wild food and medicinal plants, ecological implications for commercializing wild plants and the potential for wild plant commercialization to contribute to household income. The literature points to gaps in literature, which necessitate further studies to assess the importance of wild plants in the daily life of households, market potential of the wild plants and their contribution to the local people’s livelihoods.