Marine living resources are essential for the livelihoood of mankind. However, chronic overfishing has broght the world to a growing crisis that transcend, national boundraies. Without effective implementation of conservation and management measures, some principal fish stocks will soon be depleted. The resolving of the problem is further complicated by the establishment of the 200-mile exclusive econimic zones by many coastal states. The 1982 United Nations Convention on the Law of the Sea (UNCLOS) represents a significant step toward establishing a coordinated approach to management of the world's fisheries. According to the Convention, freedom of the high seas no longer implies a warrant to overfish and must be balanced by an extensive set of international obligations. There ha, been some progress in easing the crisis in the post UNCLOS period, as evidenced by tit adoption of certain international agreements and the FAO Code of Conduct for Responsible Fisheries. This article examines the changing international legal regime for the utilization and conservation f fishery resources. An account of the development of the Iaw of the sea relating to marine fisheries is presented. Certain legal problem, associated with the implementation of conservation measures are also considered, along with a critical analysis of the international cooperative mechanism established for the long-term sustainability of marine living resources.