AbstractTropical hilsa shad, which is an anadromous fish migrating from the sea to spawn in freshwater river, constitutes an important fishery in some Asian and Middle East countries, particularly in Bangladesh. But, historical information on hilsa biology and ecology has confronted the scientists and policymakers with research and management challenges. We have reviewed both the old and recent findings on hilsa fishery to document the status of knowledge and potential gaps, necessary to comprehend for formulating a more effective fishery management plan. Thus, there has been a decline in hilsa catches in the riverine system associated with shift in fish migration routes, indiscriminate harvesting of brood and juvenile fish, and degradation of habitat. Specifically, the riverine hilsa catches peaked in the 1960s, declining thereafter, and became relatively abundant in marine waters since 1990s. Biological data indicated that hilsa goes through multiple reproductive cycles; therefore, a comprehensive understanding of reproductive biology, recruitment by various cohorts, stock abundance and habitats across the life cycle are necessary to accurately impose fishery regulatory measures, such as fishing ban in spawning season in Bangladesh. Moreover, domestication initiative is important for artificial seed production and mariculture development of hilsa that can not only offer economic return to small‐scale farmers but also reduce the growing pressure on capture fishery. Importantly, the arrangement of co‐management is found ideal as fishermen, scientists and managers can work jointly to improve the regulatory processes and to sustain the hilsa fishery over time.