Women play an important role within small-scale fishing communities in sub-Saharan Africa through engaging in fish value chain activities and contributing to household food security and income. There is, however, little empirical information about the nature of women’s engagement in small-scale fishery value chains and the outcomes of that engagement especially in Malawi, our study country. This study addresses the gap by examining (1) the ways in which women participate in fish value chains; (2) the outcomes of their participation at individual, household, and community level; and (3) how social relations influence the participation and the outcomes obtained. The study adopted a case study approach and draws upon qualitative data from the two small-scale fisheries in Msaka on Lake Malawi and Kachulu on Lake Chilwa.