This is an empirical study about the current situation and the economic and social impact of microfinance programs in Bangladesh with their respective significance. The findings reveal that the microfinance programs have important and significant effects on the beneficiaries in alleviation of poverty, generation of income, and savings. Microfinance programs also help to generate employment to a little extent, but it is still not up to the mark. The results show that microfinance service holders’ savings and consumptions increased as well since they now have a better living standard. The conclusion prioritizes that microfinance programs need to be accelerated more for socio-economic development, economic expansion and above all, poverty eradication. Proper implementation of the policies is needed and more training programs have to be initiated for the expansion of activities.