Developing countries have traditionally been highly dependent on their natural resources for conversion into capital for consumption and development purposes. There is, however, a limit to which some natural resources, notably biotic renewable resources, can be exploited as over-exploitation can lead to collapse and in the case of wildlife, extinction. This study focuses on the problems of exploiting an open-access renewable resource: the sea fisheries of Peninsular Malaysia. It traces the history of fisheries development in that country, and shows how open access to a rich resource can rapidly lead to overfishing and serious stock depletion. The various efforts of managing the fisheries are also discussed.