Small-scale fishers are considered as one of the most vulnerable communities in Bangladesh but very few studies focused on the livelihood sustainability and vulnerabilities of this professional group. A fieldwork in lower Padma and upper Meghna hilsa sanctuaries identifies different livelihood characters and associated vulnerabilities of the fishers. A conceptual framework known as Sustainable Livelihood Approaches (SLA) has been introduced to analyses the qualitative and quantitative data. The insights of the livelihood strategies provide on small-scale fishers and fisheries management have been explained and explored. Fishers are found solely dependent on fishing, economically insolvent and neglected. In addition, some socio-economic abstractions such as low income, credit insolvency, lack of substitute earning flexibility make them more vulnerable. A number of effective suggestions are elicited from fishers’ perceptions, the implementation of which is crucial to ensure livelihood sustainability of the small-scale fishers.