Lake Balkhash is one of Central Asia’s largest water bodies, and is the second largest fishery in the republic of Kazakhstan, accounting for 31% of the country’s total fish capture. Following the dissolution of the Kazak Soviet Socialist Republic in 1991 the Balkhash fishery experienced sharp contractions in productive output with reported annual catch rates halving in a decade. This study adopts a social-ecological systems framework, in conjunction with common-pool resource theory, to provide a comprehensive exploration of the drivers of socio-ecological change to the Balkhash fishery since the independence of Kazakhstan. The study reveals how the fishery has and continues to be shaped by a combination of local (alien species introductions, fishery governance) and external dynamics (pollution, international markets).The findings of the research are based upon a two-month field study in Kazakhstan.