This chapter argues that the conservation of marine living resources presents complex problems of regulation and management. The oceans represent the least understood ecosystem on this earth and this makes the conservation of marine life and resources, and the regulation of such, very difficult and complicated. The chapter gives an overview of the law as it stands. International law on conservation and sustainable use of marine living resources has developed very slowly thus far. Effective regimes for conservation of marine living resources have to address not only sustainable use of targeted stocks, but also incidental catch of other species, conservation of biological diversity, and protection of the marine ecosystems which provide the main habitat for fish stocks and other species. The chapter concludes that developing a legal regime that provides for sustainable use and conservation of the ocean’s living resources and biological diversity within the framework of the general law of the sea will continue to remain problematic.