AbstractMarine heatwaves are increasingly affecting marine ecosystems, with cascading impacts on coastal economies, communities, and food systems. Studies of heatwaves provide crucial insights into potential ecosystem shifts under future climate change and put fisheries social‐ecological systems through “stress tests” that expose both vulnerabilities and resilience. The 2014–16 Northeast Pacific heatwave was the strongest and longest marine heatwave on record and resulted in profound ecological changes that impacted fisheries, fisheries management, and human livelihoods. Here, we synthesize the impacts of the 2014–2016 marine heatwave on US and Canada West Coast fisheries and extract key lessons for preparing global fisheries science, management, and industries for the future. We set the stage with a brief review of the impacts of the heatwave on marine ecosystems and the first systematic analysis of the economic impacts of these changes on commercial and recreational fisheries. We then examine ten key case studies that provide instructive examples of the complex and surprising challenges that heatwaves pose to fisheries social‐ecological systems. These reveal important insights into improving the resilience of monitoring and management and increasing adaptive capacity to future stressors. Key recommendations include: (1) expanding monitoring to enhance mechanistic understanding, provide early warning signals, and improve predictions of impacts; (2) increasing the flexibility, adaptiveness, and inclusiveness of management where possible; (3) using simulation testing to help guide management decisions; and (4) enhancing the adaptive capacity of fishing communities by promoting engagement, flexibility, experimentation, and failsafes. These advancements are important as global fisheries prepare for a changing ocean.