Yellow Grass has a primary agrarian economy, with many residents working as farmers, or providing services to farmers. Primary crops grown around Yellow Grass are wheat, durum wheat, barley, lentils, peas, canola, and flax. Some local producers also raise cattle, as well as bison and elk. A tertiary service industry provides general services for town residents and travelers along Highway 39. A substantial number of residents are employed in the nearby city of Weyburn, many in the manufacturing sector, retail sales, the health region, and in the oilfields.