This research evaluated fisheries reference points and stock status to assess the sustainability of the croaker fishery (Sciaenidae) from the Bay of Bengal (BoB), Bangladesh. Sixteen years (2001–2016) of catch-effort data were analyzed using two surplus production models (Schaefer and Fox), the Monte Carlo method (CMSY) and the Bayesian state-space Schaefer surplus production model (BSM) method. This research applies a Stock–Production Model Incorporating Covariates (ASPIC) software package to run the Schaefer and Fox model. The maximum sustainable yield (MSY) produced by all models ranged from 33,900 to 35,900 metric tons (mt), which is very close to last year’s catch (33,768 mt in 2016). The estimated B > BMSY and F < FMSY indicated the safe biomass and fishing status. The calculated F/FMSY was 0.89, 0.87, and 0.81, and B/BMSY was 1.05, 1.07, and 1.14 for Fox, Schaefer, and BSM, respectively, indicating the fully exploited status of croaker stock in the BoB, Bangladesh. The representation of the Kobe phase plot suggested that the exploitation of croaker stock started from the yellow (unsustainable) quadrant in 2001 and gradually moved to the green (sustainable) quadrant in 2016 because of the reduction in fishing efforts and safe fishing pressure after 2012. Thus, this research suggests that the current fishing pressure needs to be maintained so that the yearly catch does not exceed the MSY limit of croaker. Additionally, specific management measures should implement to guarantee croaker and other fisheries from the BoB.