<p>We empirically assessed the adaptive strategies adopted by key actors in the export-oriented marine ornamental reef fish (MORF) trade in response to the COVID-19 pandemic and economic crisis, the recent systemic shocks experienced by Sri Lankans, through the lens of the Resist, Accept, and Direct (RAD) framework over four years from 2020. A total of 105 full-time active fishers, six local fish buyers, and four exporters participated in the comprehensive study. The demand for fish was higher during the pre-pandemic/crisis periods, affirming the income security of market chain actors, but collapsed during the peri-pandemic period due to air freight restrictions and the spread of the coronavirus in importing countries. Even though demand resumed during the post-pandemic period, the MORF fishers were unable to meet the demand due to a kerosene shortage lasting over six months, and regular power outages persisted during the peri-crisis period. As resist strategies, livelihood diversification of fishers and employment of fisherwives were recorded. Also, 65% and 67% of total fishers refrained from fishing activities during the peri-pandemic and peri-crisis periods, respectively, as an accept strategy. As a direct strategy, of the MORF fishers who temporarily paused fishing, 4.75% and 3.15% were permanently established in alternative livelihoods in the post-pandemic and post-crisis phases. The adaptive strategies of key actors reshaped the socio-ecological system of the MORF industry during peri- and post-pandemic/crisis periods. However, the cumulative effects of the systemic shocks reduce the fishing pressure on MORF stocks, ensuring high economic returns in the future.</p>