With the aim to enhance production, alleviate poverty, meet animal protein demand, earn foreign currency and maintain ecological balance, the Bangladesh government has formulated the National Fisheries Policy 1998. Over the last two decades, this policy for safeguarding fisheries is still in practice but gets little attention by researchers and policy makers to assess its effectiveness. This study analyzes the fisheries policy frameworks and evaluates how policy changes affecting fisheries production with certain ecological balance. The paper describes elements in the historical process of the development of the national fisheries policy related to the issue of equal or restricted access to the fish resource. The findings suggest that changes in policy only could not offer solutions to prevent over exploitation and overcapitalization that presently exists in conventional open access fishery. In addition, key constraints underlying in between policies and in implementation of laws includes ignorance of conservation laws, overwhelmingly top-down decision-making, lack of appropriate policy goals, inadequate enforcement, outdated policy and bogus action strategy, lack of enforcement regulations against pollution, poor coordination and technical know-how of the personnel concerned. For achieving inclusive growth in the fisheries sector, the UN Sustainable Development Goals and the government stated the Vision 2021, fisheries policy reform is recommended with special emphasis on marine fisheries sub section formulation, socio-economic development of relevant communities, updating of existing governance, and strengthening institutional capacity to appropriately manage this potential sector. Moreover, the existing regulations should be amended accordingly with clearly defined reliable enforcement authority.