Andrew Martin has been recognised at the Rural Farmer of the Year Awards.
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Mr Martin of Dulla Dulla Pastoral Company - located halfway between Narromine and Dubbo - received an award for excellence in diversification.
The farm has been in the family since 1885.
Getting the diversification balance right was sometimes a challenge, Mr Martin said.
"What you can and can't do is largely driven by the seasons," he said.
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"Over time we've realised we've had to take on other things to survive, so we now grow chickpeas, fava beans, canola and wheat - and we run beef cattle - as well as cotton in summer."
Mr Martin said farming was challenging now and he was going towards using centre pivots to save water.
Member for Parkes Mark Coulton said it gave him great pleasure to commend Mr Martin on his wonderful success.
"Andrew, Kerrie and their family are hardworking people and this award is a tribute to their initiative and foresight," he said.
"Innovation and diversification are both key to the farm's success and I commend the family on their endeavours, particularly at a time when the longstanding drought continues to bite across my electorate."
The Australian Farmer of the Year Awards celebrate outstanding achievements of individuals and families making a significant contribution to agriculture.