The purpose of this paper is twofold: first, to take stock of the current state of knowledge about inclusive value-chain development (VCD) in the context of international agricultural research; and second, to draw out the implications for future research and action. This paper is based on a review of recent research papers authored by professionals affiliated with international agricultural research centers and their partners in Africa, Asia, and Latin America. The studies reviewed in the paper identify the opportunities emerging from new and expanding markets for agricultural products and challenges to smallholder participation in these markets. It identifies key attributes of successful value-chain interventions, emphasizing the importance of combining value-chain approaches with other approaches, including those emerging from innovation systems and rural livelihoods frameworks. Methods are offered for evaluating complex value-chain interventions. The paper summarizes the state of knowledge as of early 2016 in a dynamic field. Important contributions to knowledge may have been made since then.