Small-scale fishers are considered one of the most vulnerable communities in Bangladesh but very few studies focused on the livelihood sustainability and vulnerabilities of this professional-group. Fieldwork in lower Padma and upper Meghna hilsa sanctuaries identifies different livelihood characters and the fishers’ vulnerabilities. A conceptual framework known as Sustainable Livelihood Approaches (SLA) has been introduced to analyses the qualitative and quantitative data. The insights of the livelihood strategies provide on small-scale fishers and fisheries management have been explained and explored. Fishers are found solely dependent on fishing, economically insolvent, and neglected. Besides, some socioeconomic abstractions such as low income, credit insolvency, lack of substitute earning flexibility make them more vulnerable. Several effective suggestions are elicited from fishers’ perceptions, the implementation of which is crucial to ensure livelihood sustainability of the small-scale fishers.