Community development has evolved over the past few decades into a recognized discipline of interest to both practitioners and academicians. However, community development is defined in many different ways. Most practitioners think of community development as an outcome – physical, social, and economic improvement in a community – while most academicians think of community development as a process – the ability of communities to act collectively and enhancing the ability to do so. This chapter defines community development as both a process and an outcome and explains the relationship between the two. A related discipline, economic development, is also defined in different ways. This chapter offers a holistic definition of economic development that not only includes growing businesses and creating jobs but increases in income and standards of living as well. Economic development is also shown to be both an outcome and a process. The community and economic development chain shows the links, causal relationships, and feedback loops between community and economic development, and illustrates how success in one facilitates success in the other.