Inland (floodplain) fisheries remain the most important contributor to fish production in Bangladesh. They have in the past been administered to generate government revenue without due concern for sustainability or equity. Community Based Fisheries Management (CBFM) is a possible solution and was tested in 19 waterbodies (rivers and beels) during 1996–2000. The outcomes so far are assessed with respect to social, institutional, and physical context, and the interactions that arose in establishing CBFM. The lessons drawn are that: it was essential that communities obtained rights over the fisheries, strong facilitation was necessary, taking up visible resource management actions greatly helped, success was more likely in homogeneous communities, external threats were a strong limiting factor, clear boundaries and small fisheries were not so critical, and new institutions could be built with as much ease (or difficulty) as modifying existing ones. Effective well-defined partnerships of NGOs and government were not easy to establish but were sufficiently beneficial that in several locations new community institutions for fisheries management were established. This is a slow process, the sustainability of local management institutions is not yet established, although they continued during an interim period without funding, further phased support is planned to strengthen these organizations and to generate evidence of impacts and momentum to influence wider fisheries policy in and beyond Bangladesh.