The fishery of Lake Victoria is dominated by three fish species: the introduced species Nile perch (Lates niloticus), Nile tilapia, (Oreochromis niloticus), and the native Silver fish Dagaa (Rastrineobola argentea). Over time fish stocks have been changed both in composition and relative abundance in response to multiple stressors including but not limited to the changing water environment and the ever increasing fishing pressure. Therefore, this research reviews the available data on the current status of the fisheries of these three major fish species and proposed management measures in line with sustainable exploitation to support wealthy creation and nutritional security. The results indicated that there has been a progressive reduction in abundance of Nile perch and Nile tilapia over the years and a corresponding increase of Dagaa in the same period reaching a maximum of 1.3 mt compared to 1.1 mt for Nile perch in 2015. The highest proportion of Nile perch (65%) was registered to in 2001 and dropped to the lowest of 35.6% in 2015, while that of Dagaa increased from 20.2% in 1999, to a maximum of 44.4% in 2014, but has currently decreased to 40.7% in 2015. Catch rates of Oreochromis niloticus decreased significantly over the years with the 2014 survey recording the lowest catch rate of 1.36±0.65 kg/hr. The high fluctuations in relative abundance and composition call for regular monitoring of these fish stocks to understand the cause and the provision of timely scientific advice to guide their management.