This paper investigates the relationship between food security and commercialisation using data from a household survey in National Smallholder Farmer Association of Malawi (NASFAM) operated areas. NASFAM promotes commercialisation of agriculture by introducing the principle of farming as a business among its members who are largely smallholder subsistent farmers. The study finds that households with human capital in terms of adult equivalents benefit from availability of family labour and therefore likely to participate in NASFAM commercialisation initiatives. We also find a positive relationship between participation and value of durable assets, suggesting that wealth is an important determinant in the decision to participate in commercialisation initiatives. Household food security also increases the probability of participation, suggesting that in environments of unstable food markets farmers that are not food secure may be constrained in their attempt to commercialize their farming systems. Furthermore, we find that the degree of commercialisation is negatively associated with age and household size but positively associated with food security, access to fertilizers, NASFAM business orientation and market access benefits.