Various extractive activities are undertaken on the planet’s marine ecosystems. Industrial fishing stands out due to the magnitude of catches and its socioeconomic importance. It also faces three challenges to perpetuate its development. These include, (1) guaranteeing sustainable management of targeted resources; (2) minimizing negative ecosystem impacts from its activities; and (3) strengthening fisheries governance. This chapter explores how Chile, Mexico and Peru are addressing these challenges. The chapter first describes industrial fisheries, including the institutional and regulatory frameworks under which they operate, and then highlights lessons learnt from these and other countries, with an emphasis on certain critical issues that merit special consideration in order to move towards sustainability and promote development under a “blue economy” framework.