This review presents and tests two hypotheses on the gender-differentiated impacts of climate change in developing countries. The first hypothesis is that climate-related events affect men’s and women’s wellbeing and assets differently. The second hypothesis is that climate-related shocks affect women more negatively than men. With limited evidence from developing countries, the review shows that climate change affects women’s and men’s assets and wellbeing differently in six impact areas related to: (1) agricultural production; (2) food security; (3) health; (4) water and energy resources; (5) climate-induced migration and conflict; and (6) natural disasters. Women seem to suffer more negative impacts because of social and cultural norms regarding gender roles and their lack of access to and control of assets, although there are exceptions. However, empirical evidence is limited, varied, patchy, and highly contextual in nature, which makes it difficult to draw strong conclusions.