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Despite longstanding recognition that small‐scale fisheries make multiple contributions to economies, societies and cultures, assessing these contributions and incorporating them into policy and decision‐making has suffered from a lack of a comprehensive integrating ‘lens’. This paper focuses on the concept of ‘wellbeing’ as a means to accomplish this integration, thereby unravelling and better assessing complex social and economic issues within the context of fisheries governance. We emphasize the relevance of the three key components of wellbeing – the material, relational and subjective dimensions, each of which is relevant to wellbeing at scales ranging from individual, household, community, fishery to human‐ecological systems as a whole. We review nine major approaches influential in shaping current thinking and practice on wellbeing: the economics of happiness, poverty, capabilities, gender …