Chilika Lagoon, Asia’s largest brackish water lagoon and a designated Ramsar Site, supports a rich biodiversity and sustains the livelihoods of approximately two lakh fishers residing in 141 shoreline villages. Small-scale fisheries (SSF) dominate the lagoon’s fishery landscape, with fishing serving as the primary occupation for over 70% of fisher households. This chapter presents a comprehensive socio-economic assessment of Chilika’s SSF, examining fishing practices, income patterns, institutional arrangements, livelihood diversification, and vulnerability to natural disasters. The study highlights the significant dependence of marginalized communities on fishing, despite limited access to assets such as boats and modern gear. Institutional frameworks include a multi-tiered governance structure involving FISHFED, Primary Fishermen Cooperative Societies (PFCS), the Chilika Development Authority (CDA), and local administrative bodies. However, challenges such as informal credit systems, market dependency on middlemen (Mahajans), and conflicts over leasing rights, particularly between traditional and non-traditional fishers which undermine the financial stability of fisher households. The study also documents the sectoral differences in fishing intensity, boat ownership, and gear types, reflecting the ecological diversity across northern, central, southern, and outer channel sectors of the lagoon. The resilience assessment framework identifies major gaps in financial and infrastructural capital among fisher households. The chapter concludes with policy recommendations emphasizing livelihood diversification, cooperative strengthening, sustainable exploitation, and inclusive governance to ensure long-term socio-ecological sustainability. A new fisheries policy under development must balance economic aspirations, ecological conservation, and social justice for all stakeholders, particularly the traditional fishing communities whose heritage and well-being are intimately linked to the health of Chilika Lagoon.