This chapter examines the complex role of trophy fishing at the intersection of ecology, economy, and ethics. It explores how the pursuit of large or unique fish shapes angler behavior, influences fisheries management, and contributes to local and global economies. Drawing on global case studies, it highlights the potential for well-managed trophy fisheries to support conservation goals through catch-and-release practices, citizen science, and incentive-based regulation. At the same time, the chapter critically considers the experience of the fish, emphasizing the need to reduce suffering, sublethal impacts, and mortality through best practices and ethical frameworks. It argues for policy reforms that internalize the ecological and welfare costs of fishing, expand the definition of a “trophy” to include species diversity and local significance, and promote stewardship that respects both human and non-human interests. The chapter proposes an integrated governance approach that includes differentiated licensing and conservation fees, species-specific bag and slot limits, mandatory reporting and citizen science platforms, recognition programs for ethical and diverse catches, precautionary risk assessments for vulnerable species, and enforceable rules for catch-and-release practices. Together, these tools aim to align biological sustainability, economic value, and ethical responsibility in recreational fisheries.