The paper attempts to clarify the research, management and legal implications of a potential application of the Precautionary Principle to capture fisheries, particularly in the international context. In the process, the paper also looks at related issues such as the burden of proof, the use of best available scientific evidence and technology, the reliance on prior scientific consensus, assimilative capacity and acceptable levels of impacts, etc., in the fishery context. It is argued that, if narrowly interpreted, the precautionary principle could lead to socio-economic havoc. If reasonably interpreted, however, the Principle offers a golden opportunity to progress towards sustainable fisheries development and suggestions are made for the implementation of precautionary approaches in fisheries management.