The Southern Bluefin Tuna dispute of the late 1990s will long be remembered as one of the most important fishery disputes of all time, influencing both ocean governance and international dispute settlement. This commentary explores the legacy of that dispute with a particular emphasis on the growth and development of the Commission for the Conservation of Southern Bluefin Tuna and how the regime is functioning with the addition of several new members. We will focus also on the specific challenges to the conservation and management of the southern bluefin tuna. This includes biological parameters and the legal and political landscape of global fisheries conservation generally. Finally, we will explore emerging conservation strategies to assist the recovery of this highly valuable fish species.