This study examines how risk aversion, drought shocks, and land tenure correlate with the uptake of climate-smart agricultural (CSA) innovations in Uganda. Using survey data (442 households and 927 plots) from two districts (Mubende and Alebtong), farm-level weather data, and experimental and subjective risk aversion measures, the study finds risk aversion to be positively associated with recent drought shocks but negatively correlated with private land tenure. Risk aversion is associated with more land allocated to CSA, but recent drought shocks reduce adoption. Risk-averse farmers prioritize plots with secure land tenure for CSA investments. Promoting CSA practices that align with farmers’ risk-averse tendencies, ensuring protection against drought shocks, and strengthening tenure security can help sustain adoption.