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Unconventional oil and gas development (UOGD) has become the most widespread form of energy production in the United States. The booms and busts associated with UOGD are not unique to the industry, but the impacts to local communities are. As the industry continues to dominate the nation's energy landscape, and marginalized communities are disproportionately exposed to the extraction processes, it is important to understand the full scope of the environmental and social impacts experienced by communities during booms and busts. We review the literature on both the ecological and social boom-bust impacts of UOGD, noting the dearth of research on bust-time impacts. We conclude by calling for greater research on the long-term impacts of busts, in particular, and on understudied aspects of social impacts like those to public services, infrastructure, and social capital.