Policy action is visible in national and international climate governance. However, policy-making and its implementation often fail to generate the desired outcomes that aim to adapt to the adverse impact of climate change in a developing nation, such as Bangladesh—a country highly vulnerable to the impact of climate change. Against this backdrop, the study aims to analyze the implication of development cooperation and bureaucratic politics on the policy-making and implementation of climate change adaptation policy in Bangladesh. In doing so, the research uses national and international climate adaptation funds and the existing state administrative framework of the climate adaptation regime. Methodologically, it follows a mixed qualitative–quantitative research approach. The study discusses the following key findings: (1) the general cross-sectoral nature and thrusts of domestic and external climate adaptation funding; (2) how Bangladesh technical departments, such as that for water management, have reacted successfully to ensure the utilization of the funds is for implementing adaptation policy; (3) simultaneously, how Bangladesh bureaucracy, made of the elite, together with politics, have maintained their traditional values, practices, and structures in responding to the administrative requirements of climate adaptation funders, especially bilateral and multilateral development agencies, and (4) what changes should be brought to the bureaucratic cadre and added to the administrative setup in Bangladesh to provide a better overall impact of the adaptation policy and funding.