This article analyzes the changing informal economic system of Mal Bedey community, a nomadic group of people living on boats in Bangladesh.They are also a marginal group who predominantly practices catching and seling snakes. Customarily, they are snake charmers, dealing with folk healing and merchandizing amulets and other objects. But they no longer live on boats any more, rather, they have now fully settled down on plain land, making a shift in their occupation. At present, Mal Bedey people have already left their traditional occupation and they are now participating in various rural informal sectors earning their livelihood. After leaving their traditional occupations, Mal Bedey community now got engaged in informal occupations facing poverty and lack of employment. In absence of insufficient employment, proper skill and education, people have to select their way of selfemployment for their survival. Under these circumstances, an informal economy of this community has emerged in Bangladesh as means of survival. But the significance of their informal economy is not known to all of us which, in fact, requires proper investigation. The key objective of this paper in this context is to assess and explain the scope, significance and socio-economic context of informal sector through multidimensional analysis. The study is based on qualitative approach having collected data by conducting fieldwork in a village named Gopalpur at Lauhajong Upazilla in Munshigonj District. The research methods include observation, purposive sampling, in-depth interviews and case studies. Besides primary source of data, secondary information like reviewing relevant articles, books and recent studies have been done extensively to analyze the subject matter for this paper.