This study evaluates the role of high-value fish culture in the livelihoods of coastal households in southern Thailand. The study shows that grouper culture, promoted as an alternative to destructive fishing practices, can make a substantial contribution to household incomes. However, fishing and aquaculture play contrasting roles in the livelihoods of coastal fishers and should be considered as complementary rather than alternative occupations. The study found that poorer households can benefit significantly from raising grouper in cages if certain conditions are met, including access to credit and the substitution of financial for natural capital.