The aim of this study was to highlight the importance of socioeconomic and psychosocial factors in the adoption of sustainable agricultural practices (SAPs) in banana farm production. To this end, data from 300 randomly selected farm households from Pakistan were collected through a structured self-report questionnaire. Using logistic regression (LR) and structural equation modeling (SEM), socioeconomic and psychosocial effects were evaluated. The results show that economic status, watching agricultural training programs, newspaper and radio awareness campaigns, participation in extension programs, perceptions of sustainable agriculture and the feasibility of SAPs were significant factors in farmers’ adoption of sustainable agriculture practices. Also, consistent with the theory of planned behavior (TPB), all its dimensions (attitude, subjective norms and perceived behavioral control) affected the adoption of SAPs. This finding highlights the importance of socioeconomic and psychosocial factors in promoting sustainable agricultural practice among banana production farmers. This is the first study which attempts to provide empirical evidence using a robust procedure (two models—LR and SEM). The practical implication is that, when socioeconomic and psychosocial factors are well supported by satisfactory policy measures, SAP adoption is more than likely, which eventually increases farmers’ adaptive capacity to the changing environment. Ultimately, this leads to sustainable banana production, which has great potential to contribute towards poverty eradication.