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Abstract Scholarship on boom‐busts cycles in resource extraction often assumes that affected resource‐rich communities are at best reactive, at worst helpless, in the face of the large, exogenous shocks this cycle visits upon them. Researchers infrequently examine what communities themselves can do to improve their economic prospects and residents' quality of life amidst booms and busts. In this review paper, we identify and synthesize work scattered across disparate academic and gray literature—in planning, law, community economic development, rural sociology, economics, and political science, among others—to holistically assess what we know about how communities can use local policymaking to manage impacts of booms and busts associated with unconventional oil and gas drilling (UOGD), often called “fracking.” We highlight examples of communities tackling this task using vertical and horizontal governance strategies and distill expert recommendations for how communities can build boom‐bust resiliency generally and in key areas impacted by UOGD.