The current transformation of the agricultural sector in many African countries has been perceived to be connected to land resources and the quest to advance agriculture as a commercial enterprise. The main expectations in this agricultural transformation include increased productivity, job creation, and rural development. This paper examines to what extent this alleged transformation has delivered on its promises, particularly for rural women. We conduct comparative analyses using the Living Standards Measurement Study-Integrated Surveys on Agriculture (LSMS-ISA) dataset, complemented with a survey from two case studies of large-scale land investments (LLIs) in Kilombero district, Morogoro region, Tanzania. The finding from the study shows that the LLIs have no significant effect on agricultural wage. However, the results show that LLIs have a negative effect on the welfare of female-headed households located in communities with LLIs. Looking at the case studies, however, we find that female-headed households working in the LLIs earned slightly lower agricultural wage compared to those not working in the LLIs. This implies that the use of LLIs in Tanzania to drive agricultural transformation requires better targeting of potential beneficiaries.