Small-scale fisheries (SSFs) provide food security, livelihood, and employment to millions of people around the world. Whereas the urgency of securing sustainable SSFs is widely recognized, the governance characteristics that promote sustainability are poorly understood. This study evaluates the performance and governance of SSFs in 20 countries in the Americas and Europe, with the aim of finding the most likely paths to improve SSFs outcomes. Fisheries performance was assessed through ecological and socio-economic indicators derived from stakeholders’ perceptions. The relative importance of 15 governance attributes associated with the perceived performance was identified using random forest regression models. The perceived status of many SSFs analyzed here is of great concern. Trends in reported landings, landings per unit effort, and revenues have decreased between 3% and 10% on average in the last 5 years, and these declines were steeper in Latin American and southern European fisheries than in North American or northern European fisheries. Perceived social cohesion was also poor, as reflected by conflicts outweighing cooperation. Adaptability, communication, transparency, and the involvement of highly skilled fishers and community leaders were the most relevant factors associated with reversing the perceived declines in SSFs. Strengthening human capital should be a priority in the reform of SSFs, and the following actions are strongly recommended to support sustainable SSFs: 1) adopting flexible approaches in responding to changes; 2) fostering dialog by using diverse communication channels or involving neutral mediators; 3) identifying and training community leaders; and 4) empowering fishers to participate actively in governance.