This study explores the sustainability impacts of adopting an ecosystem approach in underutilized homestead ponds (ecoponds) operated by women in Bangladesh. Households with ecoponds have significantly higher fish productivity, fish diversity, and income generation potential compared to households with similar underutilized ponds. Furthermore, certain dimensions of women’s empowerment are improved at the individual and household level (e.g., control of income and productive assets), without, however, addressing wider structural inequalities. Food security impacts are rather inconclusive, as despite the higher consumption of more diverse fish species among ecopond households, there is no significant effect on overall dietary diversity.