Abstract The Magnuson–Stevens Fishery Conservation and Management Act (1976), opened a new era of federal fishery management in the United States. It was enacted primarily to establish a system for conserving and managing fisheries in the new 200-mile (EEZ). The US assumed exclusive authority for managing all fisheries within the EEZ, except for highly migratory species such as tunas and billfishes. Within the framework of the Act, eight Regional Fishery Management Councils (Regional Councils) were created, which are responsible for preparing Fisheries Management Plans (FMPs) in federal waters under their jurisdiction. Each FMP must meet a series of National Standards (NSs) for conservation and management. The Act was reauthorized in 1996 with the passage of the Sustainable Fisheries Act (SFA), which aimed at the fishery regulatory apparatus that was established under the original Act. This fine tuning involved increased attention to biological concerns, and removal of ambiguities within it. The Act was reauthorized again in 2007, mainly to provide for more clear directives and regulations to end overfishing. After more than thirty years since the Act was passed into law, the debate among conservationists, commercial and recreational fishery representatives, and politicians on the effectiveness of the Act in achieving its purported goals it still continues. Is the Act delivering on its promises? Do NSs reflect the most important priorities for the US fishery resources, conservation and sustainable exploitation? Do the Regional Councils represent all parties that should be involved in the fisheries resources management? The aim of this paper is to provide a critical analysis to answer these questions. This paper begins with a review of the Act and its background, followed by discussion and analysis of the Act's benefits and flaws. Finally, suggestions for the implementation of its structure and future directions in fishery management strategies are made.