We examine the status of the world's fisheries and the potential for economic and ecological benefits from fishery management reforms. Global fisheries are at a crossroads - they are on average overexploited, suggesting a global benefit from recovery. But many fisheries are already biologically sustainable. Even in these fisheries, economic reforms that reduce costs or increase prices can be economically beneficial. These findings suggest that most fisheries of the world stand to benefit both economically and ecologically from sound management reforms.