Small-scale coastal fisheries are a key feature of Virginia’s cultural heritage, account for a significant portion of the state’s annual landings, and employ thousands of individuals. Despite the value of these fisheries, the number of commercial licenses sold has declined more than 15% since 1994. Using state license and permitting data, this research investigates participation and diversification in wild fisheries and marine-related economic industries through structural change and multiple correspondence (MCA) analyses. Results indicate evidence of instability in participation and diversification since the mid-1990s. The percentage of fishermen with diverse fishing portfolios accounts for less than half of those licensed and has not varied widely. Diversification into marine-related industries, however, has increased, likely due to aquaculture expansion. While some changes can be characterized as long-term trends, others indicate that participation and diversification may change considerably over shorter periods of time. MCA indicates evidence of similarity, in terms of license and permit holdings, between participants of several wild fisheries, including fishermen with a blue crab and finfish license or permit. Participation characteristics of individuals in marine-related business has changed since 1994 with more overlap between commercial fishing and seafood sales and processing in later years. Understanding participation and diversification patterns can aid managers in assessing impacts to individuals and fishing communities during adverse events and allow for consideration of social identity in management decisions. Furthermore, understanding and contextualizing resource dependency of commercial fishers, as well as the connectivity across species and sectors, may support the long-term goals of ecosystem-based management.