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Goats and sheep are valuable livestock as they produce food, such as meat, milk, fleece, and other products. In addition, goats and sheep are important both for agriculture and biomedical research. Even though these small ruminants provide essential goods, there are major obstacles preventing the efficient, sustainable, and profitable production of goats and sheep. This review is significant because it summarizes major challenges facing goat and sheep production, their negative impacts, and specific science-based solutions to overcome them. These challenge areas are education and training, research, translational research/biotechnology, goat and sheep health, and effective/efficient/sustainable/profitable agribusiness. The solutions include effective teaching of goat and sheep science to next generation and empowering the public, supporting and pursuing innovative and translational research, preventing and treating diseases, facilitating technology transfer, and developing sound agribusinesses. This resource is expected to be helpful to scientists, students, and goat and sheep producers. In addition, the information on the current state of goat and sheep agriculture will help the public better understand and appreciate challenges and opportunities in small ruminant production.