Medium-scale farms have become a major force in Malawi’s agricultural sector. Malawi’s most recent official agricultural survey indicates that these account for over a quarter of all land under cultivation in Malawi. This study explores the causes and multifaceted consequences of the rising importance of medium-scale farms in Malawi. We identify the characteristics and pathways of entry into farming based on surveys of 300 medium-scale farmers undertaken in 2014 in the districts of Mchinji, Kasungu and Lilongwe. The area of land acquired by medium-scale farmers in these three districts is found to have almost doubled between 2000 and 2015. Just over half of the medium-scale farmers represent cases of successful expansion out of small-scale farming status; the other significant proportion of medium-scale farmers are found to be urban-based professionals, entrepreneurs and/or civil servants who acquired land, some very recently, and started farming in mid-life. We also find that a significant portion of the land acquired by medium-scale farmers was utilized by others prior to acquisition, that most of the acquired land was under customary tenure, and that the current owners were often successful in transferring the ownership structure of the acquired land to a long-term leaseholding with a title deed. The study finds that, instead of just strong endogenous growth of small-scale famers as a route for the emergence of medium-scale farms, significant farm consolidation is occurring through land acquisitions, often by urban-based people. The effects of farmland acquisitions by domestic investors on the country’s primary development goals, such as food security, poverty reduction and employment, are not yet clear, though some trends appear to be emerging. We consider future research questions that may more fully shed light on the implications of policies that would continue to promote land acquisitions by medium-scale farms.