The article is devoted to the challenging and not adequately researched issue related to the legal regulation of social relations in the field of fishery and preservation of aquatic biological resources in the Russian Federation. The purpose of the article is to analyze the legislation on fishery and preservation of aquatic biological resources in connection with the objectives of the successful development of fishing industry and the interests of the business community. The scientific and practical significance of the article lies in the fact that the authors study the practical implementation of the following legal mechanisms: quotas for catching aquatic bioresources, licensing and contractual methods of regulation, control and supervision, determination of the prospects for further legal regulation. In this regard, such methods of obtaining knowledge as comparative legal analysis and modeling are used. The comparative research method allows increasing the reader's interest to the issues under consideration. The authors come to conclusion that there are certain contradictions in the current legal regulation in the field of fishery. On the one hand, such legal institutions as trades and contracts allow to ensure the competitiveness of economic entities and equal status in relations with the state authorities, and on the other hand, the possibility of forced termination of contracts.