We present a critical analysis of the application of the water productivity concept in fisheries and aquaculture, defining the scope of application of the concept and limitations. A revised framework is presented and potential issues raised, highlighting areas for further research. A pluralistic approach including socialecological assessments and the explicit consideration of trade-offs between the objectives of increased food production, ecosystem conservation and poverty alleviation is proposed. This may set the scene for further developments of the water productivity concept beyond fisheries and aquaculture.