Lake Turkana is a transboundary resource, spanning the borders of Kenya and Ethiopia. The lakes importance to the well-being of local communities and national governments is not well documented compared to other Great Lakes of Africa. The lake basin is experiencing accelerated anthropogenic activities including construction of cascading dams and large scale irrigation projects along River Omo; oil discovery and ongoing exploration; associated resource use conflicts and construction of Africas largest wind power plant and episodic climatic changes. In this paper, the researchers assess socioeconomic impacts from these development interventions, and explore management measures to promote sustainable livelihoods of fisheries dependent communities. Survey design and random sampling technique was used to collect primary data from 300 respondents in Marsabit and Turkana Counties surrounding the lake. Multiple response results indicate majority of fishers are experiencing declining fish catches mainly due to overfishing (51%) and changes in water levels (49%). The most common challenges facing the lake fisheries are rampant insecurity (54%), rough waters (37%), low capital investment (36%) and poor infrastructure. The positive impacts of ongoing oil exploration are increased job opportunities (78%) and improved infrastructure (57%); however, environmental degradation and pollution (38%), pressure on land due to speculation (35%) and erosion of cultural values are major negative impacts. There are also significant changes in land use patterns (57%), leading to increased human- human conflicts in the volatile region. Ultimately, the researchers argue that while recent development in the Turkana region present new investment opportunities to residents, these opportunities could also exacerbate existing inequalities and foster new forms of vulnerability. They conclude that the continued anthropogenic and ecological threats of Lake Turkana necessitate immediate efforts to develop and apply a transboundary resource management plan rooted in precautionary principle.