While forests' contribution to rural livelihoods has been unearthed scientifically, the patterns, determinants and forest conservation policy implications of livelihood diversification still beg for more scientific and policy edification. This paper makes a contribution in this regard, using household data (N = 200) from eight villages around the Kilum-Ijim Forest Landscape of Cameroon. The ordinary least square and the logit model are used to explore the determinants of livelihood diversification and the likelihood of forest dependence, respectively. The diversification patterns were analysed using a simple t-test, and the multinomial logit for conservation choices. We find that forest-related activities are a source of livelihood diversification for 63% of households, with non-timber forest products (NTFP) domestication (31%) and medicinal plant extraction (30%) being the most preferred. For non-forest activities, migration is the most preferred diversification strategy. Generally, households with favourable socio-economic status prefer non-forest to forest activities for livelihood diversification. The regression estimates indicate that older respondents are more likely to depend on the forest than the young, whereas males and individuals with at least some secondary education are less likely than their respective counterparts to rely on the forest. The results also suggest those who participated in training, educated household heads and older individuals are significantly more likely to choose high-valued diversification strategies. Concerning conservation activities, households with favourable socio-economic status are on average less likely to adopt NTFP domestication and more likely to adopt bee-keeping as a conservation choice. The results suggest the need for policy considerations to: (i) effectively integrate women in forest management processes, (ii) intensify trainings for conservation-friendly diversification approaches, (iii) regulate unclean energy use and (iv) encourage value chain improvement for conservation-friendly products.